Bank of Japan governor's press conference in full flow 29 July

  • it's not appropriate to take incremental policy steps
  • effect of neg rates on real economy will become more clear from now
  • Tankan shows companies cautious about economic outlook but capex holds firm
  • future mon pol depends on next month's review of past mon pol steps
  • today's policy steps are are not incremental
  • added enough stimulus to deal with existing risks
  • BOJ won't alter its statement of aiming to achieve 2% target asap

USDJPY 103.34 glazing over a little on the lack of any real news bombs here.