Further comments by Kuroda on the day

Kuroda
  • Risk sentiment has worsened amid uncertainty over virus outbreak
  • BOJ policy does not target currency levels
  • It is true that US-Japan real rates differential have narrowed
  • But it is only one factor that affects currency level
  • Believes YCC framework is effective, no need to be changed

He's still speaking in parliament so he is merely justifying what is going on in the market. A bit of an obvious take but he has to say what he needs to say to other lawmakers.

In any case, I am sure lawmakers will be pressuring him to take action at next week's meeting but given their limited options, it is either going to underwhelm or he decides not to do anything at all. Again, a reminder that the BOJ is more bark than bite.