BOJ governor Ueda says won’t rule out any options if economic, price developments worsen

• We won’t rule out taking any options, including deploying tools that we have already used
• It may take some time but likelihood of achieving price target is high
• That considering the current short-term rate level, at 0% to 0.10%, is very low
• At some point in the future, we will like to gradually reduce balance of our JGB holdings

The headline remark is supported by BOJ policymaker Tamura, who says that there is no set formula when it comes to raising rates further. Adding that the BOJ can still go with negative rates and yield curve control again if the economy weakens. That’s not exactly music to the ears for yen bulls. USD/JPY remains steady amid the barrage of remarks, holding at 151.72 – up 0.1% on the day.

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