Bank of Japan Governor Ueda still speaking in parliament. More specifically on the yen now:
FX rates could affect economy through various routes
FX moves affect economy through various channels
FX moves at times could affect economy, as well as risks to economic forecast
FX moves could affect BOJ's median forecast
BOJ hiked rates in July as economy, prices were moving in line with forecast, and there were upside risks to inflation due to rising import costs from weak yen
FX volatility could affect our median forecasts, in which case we will decide what would be appropriate policy response to such change in forecasts
FX volatility could also create upside, downside risks to our forecasts, in which case we will scrutinise degree of risk to determine whether policy response needed
USD/JPY update, its been dropping on all the remarks from ueda so far today:
- BOJ Governor Ueda says concerns over US economy slowdown behind recent market rout
- BoJ Ueda will adjust monetary easing if our economy price outlook is likely to be achieved
- Bank of Japan Governor Ueda says BOJ's policy steps were appropriate
- Japan fin min Suzuki says intervention action taken as excess volatility not desirable
