Japan economy minister says specific monetary policy is up to the BOJ to decide
Japan's economy minister emphasizes that monetary policy decisions are the responsibility of the BOJ, hoping for appropriate guidance to achieve a 2% inflation target. The government aims for stable market movements and will monitor them closely. Despite pressure, BOJ's Ueda seems firm on his stance regarding rate hikes. USD/JPY has stabilized after earlier fluctuations.
- Government will not comment on that
- Hopes that BOJ will guide monetary policy appropriately to stably achieve 2% inflation target
- Hopes for BOJ to work closely in line with the government on principles stipulated in joint agreement
- Important for stock, FX, bond market to move stably reflecting fundamnetals
- Government will watch market moves with high sense of urgency
Well, he's still trying to press the BOJ a little in hoping that they will steer clear of a rate hike this month. But if anything else, Ueda looks to have his mind made up. So, we'll have to just wait and see now. USD/JPY has pared its drop on the day in European morning trade here, with the pair now back up to flat levels at 155.08. The low earlier in the day touched 154.34 before dip buyers stepped back in.
