He hesitated last week

Kuroda comments to reporters in Frankfurt:

  • Strong yen can have unwelcome effect on economy
  • Closely watching how recent market moves affect Japan's policy and prices
  • Current yen rises may have adverse impact on Japan's economy

Japan is on holiday from Tues-Thurs so it's a tough to for the BOJ to fight back. The US also put Japan, China, Germany and South Korea on a new list of countries that have questionable FX policies on the weekend, so the optics of intervening now could be ugly.

He's promised 3D easing, and will so be 3D printing.