Bank of Japan (BoJ) Governor Kazuo Ueda spoke on Saturday at the annual meeting of the Japan Society of Monetary Economics. He said that there was “a distance to go” for BoJ before exiting its ultra-loose monetary policy.
Key quotes
“The objective of the Bank’s monetary policy is achieving price stability, which is its mission as stipulated by law. Considerations of the Bank’s finances, etc. do not prevent it from implementing necessary policies,”
“A central bank’s ability to conduct monetary policy is not impaired by a temporary decrease in its profits and capital, provided that it conducts appropriate monetary policy,”
Market reaction
The pair trades firmer in the early Asian session on Monday. As of writing, the USD/JPY pair was up 0.13% on the day at 149.56.
Source: https://www.fxstreet.com/news/bojs-ueda-still-a-distance-to-go-to-exit-loose-policy-202310012357