• around FY2015 means it could be a little before or after
  • never said BOJ will hit target in exactly 2 years

Looks like Kuroda san trying to wiggle his way out of previous target area comments

  • BOJ to adjust policy without hesitation if it becomes difficult to reach 2% target
  • no need for extra action if on track to reach 2%

Nothing new in that

USDJPY continues its recovery from 117.30 lows to post 117.56