Bank of Japan press conference still in progress
- expects portfolio rebalancing to materialize by exempting MRFs from neg rates.
- MRF functions as settlement system for individuals
- MRF has vital function for individuals trading shares
We had the MRF move posted here on Sunday.
- neg rates to apply to 10-30 trln yen of reserves in current account
- BOJ to closely monitor banks' risk management after intro of neg rates
- BOJ will adopt best mix of three dimensions: quality, quantity, rate
USDJPY still, er, 113.38.
