19 Feb 2015
No changes to Kuroda’s view on JPY – Nomura
FXStreet (Barcelona) - Research Analysts at Nomura, comment on BoJ Kuroda’s view on FX, noting that the Governor’s view unchanged view on FX is supportive for USD/JPY.
Key Quotes
“The BOJ left its policy unchanged, as widely expected. Governor Kuroda's view on JPY weakness and the necessity for further stimulus has not changed from the previous meeting, while Bloomberg reported the possibility of some changes in the BOJ's stance last week.”
“In terms of JPY weakness, he said that “FX is not a minus for the economy as long as it reflects fundamentals,” while saying “the impact of JPY weakness has different [effects] for each economic actor”.”
“Governor Kuroda's view on the FX market remains more balanced than the media article last week suggested.”
“Governor Kuroda did not suggest that further easing is necessary in the near future, as the trend in inflation has not changed, but we judge Governor Kuroda's unchanged view on his assessment of the QQE expansion decision in October and unchanged view on FX, which essentially denies a media report last week, is supportive for USD/JPY.”
Key Quotes
“The BOJ left its policy unchanged, as widely expected. Governor Kuroda's view on JPY weakness and the necessity for further stimulus has not changed from the previous meeting, while Bloomberg reported the possibility of some changes in the BOJ's stance last week.”
“In terms of JPY weakness, he said that “FX is not a minus for the economy as long as it reflects fundamentals,” while saying “the impact of JPY weakness has different [effects] for each economic actor”.”
“Governor Kuroda's view on the FX market remains more balanced than the media article last week suggested.”
“Governor Kuroda did not suggest that further easing is necessary in the near future, as the trend in inflation has not changed, but we judge Governor Kuroda's unchanged view on his assessment of the QQE expansion decision in October and unchanged view on FX, which essentially denies a media report last week, is supportive for USD/JPY.”