NAB on the yen, Japan's trade deficit, and Bank of Japan more easing threats

National Australia Bank comments on the higher USD/JPY

Says today's trade data (post here: Japan trade balance for January: Y -1415.2bn (expected Y -1029.1bn)) a sign

• "the BOJ will keep its foot firmly on the easing pedal"

And

• " with the threat of more to come if yen appreciation derails Japan's inflation outlook"

NAB taking heed of Kuroda's comments yesterday:

• BOJ will consider easing policy further if FX moves hurt economy, prices and threaten achievement of price goal

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And, as a reminder, ICYMI, Kuroda will be speaking again today at 0530GMT:

• Kuroda jawboned the yen yesterday. Expect more.