BOJ's Adachi: No need for additional easing for now

Comments by new BOJ board member, Seiji Adachi

• Hard to say when virus impact will hit a bottom
• Virus outbreak has dealt severe blow to Japan, global economies
• BOJ must first help ease pain on firms before considering steps to boost economy
• BOJ will take furthers steps if necessary
• No need to take additional steps for now but watching developments closely
• Negative rates and YCC are not mistaken policies
• Sees room for further JGB, ETF purchases

He is sort of making his debut speech, so don't expect him to deviate from the script with the remarks above. Again, the BOJ has limited ammunition in fighting back against the current situation but at least they can be happy that the rush to dollars have helped to quell yen strength somewhat over the past few weeks.