BOJ board member Takahide Kiuchi via BBG & Reuters
- Global financial markets suddenly became unstable
- China and global economies haven't suddenly deteriorated
- Chinese economy has become a risk to Japanese economy
- Japan's economy won't become destabilised very much
- Says it's very questionable how effective further easing would be
That last comment has knocked nearly 15 pips off of USDJPY
- Effectiveness of easing has declined considerably
- Negative effect of weaker yen is big for Japanese regions
- Can't continue current BOJ policy forever
- Irresponsible to maintain QQE just to avoid market disruption