Bank of Japan governor Kuroda still out on the wires 5 Dec 2017
- Appropriate to patiently continue bold monetary easing under current framework
- BOJ's easing will not end up hurting faith in the JPY
- Will not comment on selection of the next BOJ governor
- Will not comment on FX levels or daily movement in exchange rate
- But it is true that weak JPY puts upward pressure on inflation
- A weaker JPY raises cost of imports and lowers real income
- Weak prices are due to deflationary mindset
- Closely monitoring bond market, doesn't see any distortion at present
Pretty much in tune with his comments here yesterday. Apart from that, he says he will not comment on the JPY but then proceeds to make subtle comments on them. Well played, sir.
A little more focus on the exchange rate this time around. But all in all, keeping his cards in his hand still. If anything, it is likely his comments here put together with those yesterday should signal the BOJ is to maintain the status quo in its monetary policy meeting later this month on 21 December.