Kuroda attempting to lay down the law
- Some market participants had expected a rate hike after sales tax increase
- Says that BOJ's judgement is data-dependent
As mentioned earlier, with the government insisting on raising the sales tax in October this year, the BOJ is basically cornered into keeping up its dovish commentary until then. That said, Kuroda's words appear to be falling on deaf ears with the yen continuing to gain strength on the session now.
USD/JPY has slipped by a couple more pips to a session low of 111.81 currently from 111.90 levels when Kuroda began speaking.
