BOJ’s Kuroda: Ready to take additional easing steps without hesitation

The Bank of Japan (BOJ) Governor Haruhiko Kuroda reiterated the central bank’s readiness to implement additional easing measures, if needed, without any hesitation while speaking before the parliament on Tuesday.

Key quotes

“Overseas economy expected to pick up but pace likely to stay moderate.”

“Japan's economy picking up as exports, output increase reflecting overseas recovery.”

“Japan's economy expected to improve as a trend but pace will be moderate due to caution over COVID-19.”

“BOJ is ready to take additional easing steps without hesitation.”

“Risks to Japan's prices are skewed to the downside due to high uncertainty over the impact of coronavirus.” 

“Ensuring market trust in govt debt, financing is crucial for monetary policy to remain effective.”

“Premature for the BOJ to debate an exit from ultra-loose policy, including its JGB, ETF purchases.”

“Japan must see inflation approach 2%, not just see covid-19 contained, to debate exit from easy policy.”

“No plan to review BOJ’s monetary policy framework now, but won't rule out the future debate at appropriate timing.”

“BOJ will guide policy with an eye on its effects and costs.”

USD/JPY unfazed

USD/JPY trades modestly flat at 104.53, having bounced-off a dip to 104.42 lows amid a jump in the S&P 500 futures on expectations of a smooth transition of the US presidency.

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