• BOJ new funding measures having impact, dollar back around 90 yen
  • Can take BOJ’s understanding of price stability as an inflation target
  • Up to BOJ to decide on specific policies
  • BOJ will take extra measures if they feel it’s necessary
  • BOJ statement saying won’t tolerate deflation shows BOJ will have active policy
  • I won’t say the BOJ shouldn’t take additional measures

USD/JPY sits at 91.25, hardly changed on the day. Talk of buy orders 91.00/10, stops through 91.00. Sell orders 91.50/60, stops through 91.65.