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- BOJ’s Kuroda: Not aiming for specific currency level
BOJ’s Kuroda: Not aiming for specific currency level
Having said that the recent rapid yen weakening is negative for the economy, Bank of Japan (BOJ) Governor Haruhiko Kuroda added that they are not aiming for a specific currency level.
Further comments
Don't see limit in yield curve control.
No change to idea that yield curve control strongly supports economic recovery.
Rapidly rising US, European long-term yields have had substantial impact on Japan’s yields, making YCC necessary.
Forex fluctuations may not have immediate impact on capex.
FX moves may not have bad big impact on business confidence as Japan’s capex remains solid.
Don't see need for further monetary easing now.
Raising implicit cap for 10-year JGB yield target would weaken economy.
Not thinking raising cap on BOJ’s long-term yield target above current 0.25% as it may result in higher yields, weaken effect of monetary easing.
Closely watching the US economy and prices.
No country executes monetary policy targeting currency.
Market reaction
USD/JPY was last seen trading at 134.38, up 1.65% on the day.
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