BoJ dep gov Uchida says Bank will taper JGB purchases despite yield moves

Bank of Japan Deputy Governor Uchida

• Won’t comment on daily JGB yield levels or movements.No change in stance on short-term policy rate or JGB taper despite recent yield fluctuations.JGB yields fluctuate based on market views on the economy, prices, and overseas developments.Cannot predict in advance how BOJ policy will influence JGB yield movements.
• BOJ guides monetary policy aiming to achieve price stability, not to monetize government debt

JGB yields rocketed higher last Friday, prompting BOJ Governor Kazuo Ueda to issue a mild warning.

Uchida saying the taper of purchases will carry on despite the yield volatility.

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USD/JPY has stabilized somewhat around its session low after the earlier spike:

This article was written by Eamonn Sheridan at www.forexlive.com.