BOJ's Ueda: Policy review does not signify stance that monetary easing was ineffective

  • At this point, he's really trying too hard to clarify things
  • Policy shift could still happen in the next year-and-a-half
  • Any policy shifts should be carried out if necessary, not reliant on policy review period
  • May still announce results of policy review in the interim if needed

This is what overcommunication looks like. I reckon they could've just done a separate announcement for this and not tie it together with the policy decision today. Markets have a very short attention span when it comes to things like this and it is evident as the Japanese yen continues to hold at the lows for the day now.

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