- natural for monetary policy to have impact first
- latest BOJ easing was to achieve price target
- BOJ will adjust economic projections as appropriate taking into account economic trend, govt policies
- Japanese economy likely to continue to grow above its potential
- sees small risk of spike in yields due to delay in next sales tax hike
- if yields did spike it would be very difficult for BOJ to respond , but very low chance of this happening
USDJPY a tad lower at 117.25
