Bank of Japan Governor Ueda spoke earlier:
- BOJ recognizes that impact of rising raw material costs, weak yen on earnings vary for each sector, company size
- Policy prescription to deal with inflation would vary depending on factor behind price rises
- We have supported economy with easy monetary policy since cost-push inflation that we have seen so far hurts japan firms, households
- Want to continue carefully weighing benefits, cost of our policy
Ueda is under pressure on the weak yen. While its basically sitting on its year's low against the USD (not far from it) the lingering threat of intervention and comments from Ueda himself have held it in its tightest monthly range in over a year and a half.