Bank of Japan Governor Kuroda

By 'FX' he means the yen.

It doesn't say if he was standing at the top of a mine shaft peering down saying "nudge, nudge, wink, wink ..."


  • FX policy is the finance ministry's responsibility
  • Monetary policy is for stabilising inflation
  • Appropriate monetary policy, management of output gap needed for reaching 2% inflation target
  • Various factors affect FX, not just interest rates. But long-term US rates are seen on an upward trend.
  • There is a time lag in the FX effect on inflation, the weak yen will help raise prices in FY 2017