This from yesterday:

Kuroda says "No".

  • BOJ has no plan to seek early modification of easy policy
  • BOJ will monitor various range of data, including surveys on how people perceive price moves, in gauging inflation
  • BOJ will carefully monitor impact of Ukraine tensions on oil prices, given japan's heavy dependence on energy imports
  • desirable for forex rates to move stably reflecting fundamentals, think recent yen moves are in line with this desirable if yen weakens further, that will work to push up import prices
  • recent rise in import prices driven mostly by rises in dollar-based raw material costs rather than via weak yen
  • fx moves on various factors so can't say divergence in monetary policy directions will definitely lead to weak yen

On Friday from Japan we'll get the latest Toyko-are CPI data, this leads the national figures by 3 weeks. These will show that once the price of food and energy is removed from the headline CPI (ie the 'core core' measure, which is the closest to the US measure of core inflation ) the CPI is deeply negative.