- output recovery relatively moderate
- output weakness reflects impact of both sales tax hike and soft exports
- output recovering as a trend but pace has been mild
- output in April-June has fallen more than expected
- build up in inventories suggest companies have overestimated demand
- hopes that capex can be a future driver of Japanese economy
- 2 years is appropriate time to judge monetary policy effect
- current outlook for exports is unchanged
- no need to change outlook for economy rebound after Q2
- sees economy and demand recovering even if exports dont grow
- 2% price target too high. personally feels current level around 1% is already close to level deemed desirable
BOJ board member on the wires with nothing new to shake up USDJPY, repeating his softer call on inflation. Still 102.77
