BoJ deputy gov nominee Uchida: Changing 2% inflation target is unthinkable

Ross J Burland FXStreet

The Bank of Japan's deputy gov nominee Uchida is crossing the wires and has stated that changing 2% inflation target is unthinkable.

Key comments

Will firmly continue monetary easing to lay ground for companies to raise wages.

Too early to seek exit from monetary stimulus now.

Interest rate, balance sheet adjustment are keys to exit from easy policy.

In what order boj will adjust interest rates, balance sheet will depend on economic conditions at the time.

It is not as if boj has an exit strategy written in paper.

Must be able to exit from easy policy whatever the economic situation could be based on experience guiding easy policy, dealing with market forces.

See no immediate need to revise govt-boj joint statement.

USD/JPY update

USD/JPY Price Analysis: Bears seek a break in trendline support

There are risks of a long squeeze for the days ahead. If the bears get below 135.50 and then 134, 132.50 will be eyed:

Author

Ross J Burland

FXStreet

Ross J Burland, born in England, UK, is a sportsman at heart. He played Rugby and Judo for his county, Kent and the South East of England Rugby team.

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