BOJ's Kuroda: Important to back economic activity with powerful monetary easing

Bank of Japan (BOJ) Governor Haruhiko Kuroda said on Monday that the excessive foreign exchange (FX) moves seen recently were undesirable and reiterated that they were not targeting the FX market, as reported by Reuters.

"It's important to back the economic activity with powerful monetary easing," Kuroda added. "It will take time for sustainable, stable inflation to take hold in Japan."

Market reaction

The USD/JPY pair showed no immediate reaction to these comments and was last seen trading at 128.90, where it was down 0.23% on a daily basis.