• Will not comment on daily fx moves, levels, speed

  • can not comment on whether yen will weaken further from here

Headline just out. Nothing new in Sato's comment but they do seem keen to get the "fx should reflect real economy" mantra out still and Kuroda's comment finally makes market take note

  • weak yen can boost exports and profits, lift stocks but can also depress importers profits, real incomes
  • wants to scrutinize effect, feasibility of QQE at each policy meeting without any pre-set idea that maintaining QQE is a given

USDJPY 123.15 from lows of 122.78 EURJPY 138.88 from 138.72