• Do not think decision on whether more easing needed is imminent
  • Yen rise alone will not immediately lead to BOJ easing
  • Must examine how yen rise would affect Japan’s economy in deciding if more easing needed
  • BOJ ready to pursue new policy steps that would have as much effect as possible
  • BOJ buying foreign bonds would involve huge problems in view of BOJ law
  • Europe debt crisis remains biggest risk to Japan’s economy
  • Fully aware that big risks exist on overseas economies

If you’re a yen bear you gotta be a little disappointed by those comments, don’t ya? Doesn’t look like we’re gonna see any further Japanese monetary easing for foreseeable future.

USD/JPY sits at 78.15. Sell stops seen through 77.90.