BOJ governor Ueda: QQE policy framework of negative rates, YCC have fulfilled its role

• Massive monetary easing measures have fulfilled their roles
• But accommodative financial conditions will be maintained for the time being
• Confirms virtuous cycle of wages, prices
• Judged that sustainable achievement of 2% price target is now in sight
• Will continue buying JGBs at “broadly the same amount as before”
• Will use short-term policy rate as our main tool

This is mostly a rehash of everything that is mentioned in the policy decision earlier. He’s not really expanding on that so far in his early remarks. USD/JPY still up 0.8% to 150.37 at the moment.

This article was written by Justin Low at www.forexlive.com.