BOJ’s Kuroda: Appropriate to maintain easing to support economic recovery

Bank of Japan (BOJ) Governor Haruhiko Kuroda is speaking about the implications of monetary policy and inflation outlook on Wednesday.

Key quotes

Monetary policy does not directly target forex.

Consumer prices likely to fall below 2% target after next FY.

Appropriate to maintain easing to support economic recovery as uncertainties around Japan’s economy extremely large.

Forex intervention against excessive yen weakening was very appropriate.

Market reaction

Kuroda’s comments are being ignored by the local currency, with USD/JPY reaching fresh intraday highs above 149.30, up 0.05% on the day.