More on Ueda remark taken out of context by the market, the report shifted USD/JPY

On Friday Justin posted on the misinterpretation of Bank of Japan Governor Ueda remarks that led to to the collapse in USD/JPY on Thursday:

• No intention from Ueda to hint at timing of policy change - report

Since then USD/JPY has found its feet, helped along also by diminishing expectations of Fed rate cuts:

• USD/JPY: Solid jobs report, reduced expectations of Fed cut, BOJ pivot, underpinning pair

The original Reuters report is here (link below) and worth checking out for JPY traders. It has a fairly innocuous headline but the bombshells are in the piece itself:

• Softening consumption may delay BOJ's exit from easy policy
• Recent weakness in consumption has emerged as a fresh source of concern for Bank of Japan policymakers who are eyeing an exit from negative interest rates, three sources familiar with its thinking said, suggesting market expectations of an imminent rate hike may be over-blown.
• Ueda's remark, which came in response to a lawmaker's question on the challenges he has faced since becoming governor in April, was taken out of context by markets and was not meant to signal an imminent policy shift, the sources said