The embargoed presser out now
- decision to make ccy swap arrangements permanent was to avoid uncertainty over expiration
- no plan to extend ccy swap beyond existing 6 central banks
- 3 BOJ board members voted against approving semi-annual report
- board members Kiuchi and Sato disagreed with view that Japan will see 2% inflation by end fiscal 2014 through 2015
- board member Shirai proposed stressing more downside risks to the economy
- Kuroda repeats that BOJ ready to adjust policy if needed
- expects capex growth to accelerate and add strength to household spending
- CPI rise to 2% won’t happen suddenly
- wages likely to rise as job market tightens and corp revenues rise
- US economy likely to pick up pace of recovery
- impact from US fiscal stand-off has been limited
- must bear in mind risk of US slowdown due to fiscal problems
- global economy likely to recover gradually
USDJPY suitably unimpressed at 98.31
