The comments are coming out of Japan as was expected, this from earlier today:
Friday's drinking game will involve listening for 'FX stability' comments coming out Japan
So far:
- BOJ Gov Kuroda says watching FX moves carefully, stability is desirable
- Japan finance minister Suzuki says FX stability is important
- More from BOJ Gov Kuroda: Says bank is buying sufficient JGBs
More now from Bank of Japan Governor Kuroda:
- impact of weak yen could be uneven depending on sector, size of firms and economic entity
- weak yen pushes up value of Japan firms' profits earned overseas, help boost capex and wages
- current cost-push inflation that is not accompanied by wage hike has a negative impact on Japan's economy, won't lead to stable achievement of BOJ's price goal
- BOJ will maintain its powerful monetary easing to support corporate profits, create positive economic cycle
- due to structural change in Japan's economy, benefits of weak yen now come mostly from expansion in corporate profits rather than increase in export volume
- Japan has nothing to benefit from worsening terms of trade blamed on rising energy prices, so watching impact carefully
USD/JPY has dropped from its highs earlier in the session:
