ForexLive Asia-Pacific FX news wrap: BoJ Gov nominee Ueda spoke at length | Forexlive

Ueda:

Other:

Bank
of Japan Governor Nominee Ueda gave testimony before the lower house
of the Diet as part of his nomination and confirmation process today.
He spoke at length. The really brief summary is that:

if
trend inflation improves significantly, the BOJ needs to move toward
monetary normalisation
but
the Bank expects inflation to fall, starting at the next batch of CPI
data (for February, released in March)
and
that if trend inflation does not improve, the BOJ must consider ways
to maintain YCC while being mindful of market distortions

There
is much more from his remarks in the points above.

USD/JPY
had a choppy ride of it, from fleeting highs over 134.90 at the
beginning of Ueda’s remarks down to lows under 134.10 a few minutes
in before rallying back and drifting around 134.70/80.

Prior
to Ueda speaking Japan published its CPI data for January. Core
inflation (that excluding fresh food) hit its highest since 1981.

Apart
from Japan CPI and Ueda news and data flow was very light. There
isn’t much to report from other major FX.

Asian
equity markets: