More from Bank of Japan Governor Ueda, speaking extensively in the Diet today:

  • By keeping current monetary policy stance, will move closer to achieving price target
  • Decided at July MPM that adjusting degree of monetary easing appropriate from standpoint of stably, sustainably achieving price target
  • Real rates likely remain negative, easy financial conditions will keep supporting economy
  • Fx rate determined by various factors
  • Weak yen since 2022 comes as market participants focused on rate differentials between us and Japan
  • Important for currencies to move in stable manner reflecting fundamentals
  • Wage growth momentum is spreading to overall economy but there are some disparities among firms

Earlier from Ueda and fin min Suzuki:

USD/JPY fell away while all this was going on this morning in Tokyo. Its around 145.50 now.

Bank of Japan Governor Ueda Thursday, 30 March 2023