Nakagawa is a member of the Bank of Japan monetary policy board.
Nakagawa spoke earlier, clearly indicating the rate hikes are not done:
- BOJ's Nakagawa speaks on one-sided yen falls
- USD/JPY has dropped under 142.00 on BOJ Nakagawa comments
Main points, in summary:
- Bank of Japan will continue to raise interest rates if inflation moves in line with its forecast
- last month's market rout has not derailed its plan to hike steadily
- the BOJ must take into account the impact that such market moves could have on the outlook for the economy and prices when considering whether to hike rates further
- real interest rates are currently very low, we will adjust the degree of monetary support, from the standpoint of sustainably and stably achieving our 2% inflation target, if our economic and price forecasts are met
USD/JPY dropped to near 141.50 and is currently around 141.70.
BoJ's Nakagawa