Bank of Japan Governor Ueda says the BoJ will not directly target FX in guiding monetary policy

If the BOJ did directly target the yen with policy they'd be running afoul of all sorts of agreements Japan has with the G7.


  • May end YCC when stable and sustainable achievement of 2% inflation target is foreseen
  • Don't have a clear image in mind yet on how to tweak YCC
  • Don't expect a positive wage cycle to emerge when consumption, capex are sluggish

When asked about trigger for ending YCC, negative rate Ueda said must make comprehensive judgment on various factors including outlook for demand. Cannopt pre-set the timing of policy change.

Earlier from Ueda:

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BoJ Governor Ueda