Bank of Japan press conference still in progress

  • expects portfolio rebalancing to materialize by exempting MRFs from neg rates.
  • MRF functions as settlement system for individuals
  • MRF has vital function for individuals trading shares

We had the MRF move posted here on Sunday.

  • neg rates to apply to 10-30 trln yen of reserves in current account
  • BOJ to closely monitor banks' risk management after intro of neg rates
  • BOJ will adopt best mix of three dimensions: quality, quantity, rate

USDJPY still, er, 113.38.