- Held meeting from perspective of maintaining close Government and BoJ coordination
- Held meeting on my request to confirm cooperation under the new administration
- Reaffirmed closely monitoring market
- Reconfirmed technical tweak to BoJ-Government joint statement, no change to substance
- No specific discussion on FX
- BoJ Ueda explained current policy stance
- Reaffirmed need for Government-BoJ to work towards sustainably achieving price increase backed by wage gains and sustainable growth
- Will closely monitor market developments with high sense of urgency
- No discussion on size of stimulus package
- Can't comment on size of issuance of new JGBs for stimulus package
- We're focusing on reducing debt to GDP ratio
- BoJ Ueda's remarks were the same as those made in briefing after policy meeting, said they are adjusting degree of monetary policy support
- Have no objection to what BoJ Ueda was saying
The Japanese Yen weakened further on these comments although I don't see anything new here. It just underscores that a rate hike from the BoJ is not going to happen anytime soon, so the 25% December hike probabilities should decrease further.
