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USD/JPY down on Kuroda’s speech

USD/JPY weakened into the 98.15 area following the BoJ Kuroda's speech.

Here are the key points he mentioned:

  • Japanese inflation expectations are gradually rising;
  • Growth is expected to surpass potential after the increase of sales taxes;
  • Real interest rates have fallen considerably;
  • It's too early to openly debate exit from QE but the BOJ will be mulling a strategy internally;
  • The BoJ will not hesitate to adjust policy if needed to achieve a price goal;
  • Overseas economies are likely to recover gradually.

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