BOJ Ueda: Important for FX rates to move stably reflecting fundamentals

BOJ Ueda now chirping and says:

  • Won’t comment on short-term FX moves

But then comments saying:

  • Does not directly target FX in guiding monetary policy
  • FX is among the key factors that affect economic price developments
  • BOJ will work closely with government, continue to carefully watch FX moves and their impact on economy, prices
  • Various factors, including speculation over monetary policy moves at home and abroad affect FX moves.
  • Won’t start reducing BOJs huge ETF holdings anytime soon

Meanwhile Japan Fin. Minister is adding:

  • Won’t comment on whether recent USDJPY moves are excessive
  • important for FX to move stably reflecting fundamentals, excessive volatility undesirable

The USDJPY remains in the swing area between 150.718 and 150.880.

This article was written by Greg Michalowski at Source