• Does not want to comment on FX levels
  • Closely watching FX moves and potential impact on Japanese economy
  • Will take appropriate steps on FX policy while communicating closely with other currency authorities

The final remark is a bit notable as it comes amid a meeting between Yellen and Suzuki here. I still don't see a real sense of urgency to intervene unless the jump in USD/JPY becomes too wild. But that would mean something along the lines of USD/JPY rising by 3-4% during one trading session. Otherwise, I still think Japanese authorities can tolerate the recent moves albeit they will have to keep up the verbal jawboning.