BOJ governor Kuroda continues his press conference 20 July

USDJPY still 112.11suitably unfazed by the hot air repetition

  • Japan is no longer in a state of sustained price declines
  • momentum toward 2% price target is firmly in place
  • 2% inflation target is global standard, helping to contribute to stable currencies
  • will maintain 2% target

Don't call us, we'll call you when it gets there.

  • yield curve control is sustainable policy framework allowing BOJ to flexibly respond to economy and prices
  • expect impact of QE to strengthen in future
  • real rates will fall as inflation picks up pace

USDJPY 112.06 but EURJPY nudging up at 129.15 as EURUSD rallies to 1.1522 from 1.1505

EURJPY 15m