Comments from Bank of Japan (BOJ) Governor Kuroda:

  • BOJ has ability, strong determination to achieve 2 pct inflation at earliest date possible
  • Japan economic fundamentals are strong
  • Corporate and household sectors have improved a lot compared to a few years ago
  • Going slow in trying to achieve 2 pct inflation will only make wage adjustment gradual
  • China, other emerging markets clearly slowing, which is weighing on Japan exports
  • BOJ must be first one to act to dispel deflationary mindset, which is why it has promoted QQE
  • Japan's price trend improving steadily
  • July-September GDP shows Japan's final demand is growing
  • Companies have maintained bullish capex plans
  • Price trend improving not just because of weak yen but because more firms are raising prices of their goods amid improving job conditions
  • Inflation to reach 2 pct around latter half of fiscal 2016
  • Japan is close to complete employment
  • Tight labour market is pushing up wages
  • There is uncertainty on outlook for China's economy and how much any pickup in its growth could help other east asian economies
  • Don't see big risk of weakness in exports, output hurting corporate revenues, capex
  • Expect Japan to grow above its potential heading into next fiscal year
  • Excluding energy, Japan's price trend is steadily improving
  • Must be mindful of risk uncertainty surrounding emering economies could hurt Japan business confidence
  • BOJ won't hesitate acting if needed to achieve 2 pct inflation at earliest date possible
  • Japan's economy continues to recover gradually but must watch for risks, such as developments in emerging economies
  • Weak yen is pushing up import prices, but price gains are spreading to broad range of goods

  • Expect to meet 2 pct price target in 2nd half of FY2016, but timing depends on oil prices

Headlines via Reuters

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Nothing unexpected from Kuroda and a pretty good rundown on his current thoughts on where the Japanese economy is at. IF you're looking for hints of a near term easing I'd argue it isn't in these comments.

Yen is not much changed .

More:

  • Environment for wage hikes to occur is already well established
  • Japan's economy has increased resilience to external shocks
  • Once 2 pct inflation prevails, firms that continue to base their investment, hiring, and price-setting decisions on deflationary mindset will be at a disadvantage