Bank of Japan (BOJ) Governor Kazuo Ueda is speaking at the press conference, held after its October policy meeting on Tuesday.
Additional quotes
Will patiently continue monetary easing with decided new measures.
Will closely scrutinize economy, price situation by examining wages and prices.
We are not in a situation to foresee sustainable and stable price increase.
Won’t hesitate to take additional easing measures if necessary.
We will respond flexibly to economy and price situation.
Main reasons for inflation outlook overshoot compared to July are longer-than-expected effects of price pass-through, rising crude prices.
Today’s decision was aimed at making YCC operation more flexible amid extreme high uncertainties around economy, financial markets.
Possible to conduct additional emergency bond-buying at 10-year yield levels below 1.0%.
True that likelihood of inflation outlook’s realization is slightly higher but not in situation that we can foresee it with full confidence.
USD/JPY reaction to BoJ Ueda’s remarks
In reaction to the above comments, USD/JPY is extending its upside, currently trading at 150.28. The pair is up 0.80% so far.
Source: https://www.fxstreet.com/news/bojs-ueda-will-patiently-continue-monetary-easing-with-decided-new-measures-202310310636