BoJ’s Kuroda: Sharp FX moves are undesirable

Bank of Japan (BoJ) Governor Haruhiko Kuroda is now speaking on the exchange rate, having comments on the monetary policy outlook earlier this Monday.

Key quotes

Sharp FX moves are undesirable.

Monitoring the impact of raw material price inflation, FX moves, on households.

Price gains will extend further toward the year end but will gradually lower after new year.

Japan’s financial system remains resilient.

US tightening will not impact Asian Emerging Markets, unlike Asian currency crisis, Lehman shock.

Market reaction

USDJPY is attempting a recovery, in tandem with the US Dollar and the Treasury yields, trading near 139.20, up 0.31% on the day.