Bank of Japan Governor Nominee Ueda has been speaking extensively today.
Ueda is giving testimony before the lower house of the Diet as part of his nomination and confirmation process.
Earlier:
- BOJ Ueda: standard monetary policy to not immediately respond to supply-driven inflation
- BOJ Ueda says inflation is peaking
- BOJ Ueda - more - If trend inflation does not improve, maintain YCC
On JPY (scroll down a little):
- CPI rises as a whole having negative impact on consumers
- There's no ideal indicator to gauge trend inflation
- Stable prices are extremely important infrastructure for the economy
- Hesitant to add wages to BOJ's policy mandate
- Monetary policy decision could be a surprise, but want to limit element of surprise as much as possible
- No comment on FX rates
- Weak yen benefits exports, inbound tourism and some service sectors
- Weak yen also has various negative impact such as hit to households from rising import costs
- Wage hikes, growth strategy help achieve virtuous economic cycle
USD/JPY update, not really going anywhere net for the session so far, but plenty of range:
