• Japan not yet in a situation of having exited deflation
  • path to defeating deflation has been slowed by cheap oil
  • govt has not considered changing accord with BOJ

Better get used to the cheaper oil and as for the accord didn't he/the govt recently say the BOJ were free agents effectively ?

USDJPY still 121.40 as PM Abe warms my fingers up for the Kuroda borefest at the bottom of the hour