Bank of Japan (BOJ) Governor Kuroda speaking in parliament

  • Price expectations of households, companies are changing sharply
  • Says underlying inflation trend improving, expected to improve ahead
  • Delay in achieving 2 pct inflation target is due largely to energy price falls

Kuroda does not sound like a man who will be easing further any time soon. Yen responding ... USD/JPY sitting near its session lows just under 122.80

More:

  • Will steadily proceed with QQE to hit 2 pct inflation at earliest date possible
  • Our 2% inflation target is key to pulling Japan out of deflation
  • Will maintain QQE for time being as Japan is only half-way in meeting BOJ's 2% inflation target