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    Kuroda not changing a tone, but speaks on Brexit

    Haruhiko Kuroda, the Governor of Bank of Japan has started conference after monetary policy meeting:

    • Japan’s economy has continued moderate recovery trend
    • Expects price trend will steadily rise
    • Expects CPI to hit 2% during FY2017
    • Will add stimulus if needed
    • Still see unstable moves in global financial markets
    • BoJ bond purchases have been smooth so far
    • No doubt that purchases affect bond market
    • Decision on Brexit is up to voters in UK
    • BoJ is in close contact with central banks including BoE
    • Will carefully monitor impact of Brexit vote

    USDJPY falls further much below 104,00.

    • Need some time for negative rater to impact economy
    • Effects of negative rates will be clearer
    • Aware that negative rates could weigh on banks


    Any person acting on this information does so entirely at their own risk. Any research provided does not have regard to the specific investment objectives, financial situation and needs of any specific person who may receive it.

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