BOJ Noguchi speaking
It is not often we get BOJ headlines in the NY session, but BOJ Noguchi is on the wires saying:
- BOJ may be able to begin debate on strategy for hitting price target around the end of 2021
- BOJ must focus on economies trend if deciding on easing more, look at wages, jobs, output gap
- ease without hesitation if shock event pushes economy into severe downturn
- if DOJ were to ease further, it could cut interest rates, ramp up asset buying or extend ration of yield it targets
- commitment to keep increasing base money until inflation stably exceeds 2% 'doesn't have a strong effect' on public perceptions
The USDJPY has just dipped below the 100 day MA at 109.567,and tests the low from July 7 at 109.527. Staying below the 100 day moving average increase the bearish bias.
