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BOJ's Kataoka: Risks to the economy are skewed to the downside
Bank of Japan (BOJ) board member Goushi Kataoka said on Thursday, “risks to the economy are skewed to downside due to the pandemic impact and geopolitical risks.”
Additional quotes
Japan's economy picking up as a trend but downward pressure to heighten.
Risks to price outlook skewed to upside due to rising commodity costs.
BOJ ready to take appropriate steps as needed with eye on pandemic impact on economy.
CPI may briefly exceed 1.5% and could accelerate further, depending on moves in the price of oil.
My view is that such a rise in inflation will not last and will not gain enough momentum to hit the BOJ's target.
Market reaction
USD/JPY is testing daily highs near 121.30 on these discouraging comments from the BOJ policymaker.
As of writing, the pair is trading at 121.27, up 0.10% on the day.
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