BOJ governor, Haruhiko Kuroda, remarks in parliament
- FX rates are determined by various factors
- Yen, dollar, euro have been stable in recent years
- This is due to BOJ, Fed, ECB guiding monetary policy to achieve 2% inflation
As much as he won't want to say it, Kuroda will be rather pleased with recent developments in the yen as it is the weakest performing major currency this year.
The focus on the reflation narrative has put upwards pressure on yen pairs in general, with USD/JPY having risen by more than 5% since the start of the year.
That said, achieving 2% inflation is still nothing but a pipedream for Japan.
