Kuroda: Won't hesitate to take additional easing steps if risks grow

BoJ gov Kuroda is crossing the wires and has said that Japan's economy has been expanding moderately as a trend, though exports, output, business sentiment have been affected by overseas slowdown and natural disasters.

Key comments

• Japan's economy likely to continue expanding moderately as a trend, though affected by overseas slowdown for time being.
• Consumer inflation is moving around 0.5%
• Consumer inflation to accelerate gradually towards 2% on positive output gap and rises in inflation expectations while being affected by decline in oil prices for time being.
• Japan's financial system is maintaining stability.
• BoJ will maintain QQE with yield curve control for as long as needed to achieve 2% inflation in stable manner.
• BoJ will continue expanding monetary base until consumer inflation stably exceeds 2%.
• BoJ expects short-, long-term rates to remain at current or lower levels as long as necessary.
• Won't hesitate to take additional easing steps if risks grow that momentum towards achieving price target will be lost.

FX implications

There are no reactions to these statements for it is all much of the same and already price in.