BOJ board member Takahide Kiuchi via BBG & Reuters

  • Global financial markets suddenly became unstable
  • China and global economies haven't suddenly deteriorated
  • Chinese economy has become a risk to Japanese economy
  • Japan's economy won't become destabilised very much
  • Says it's very questionable how effective further easing would be

That last comment has knocked nearly 15 pips off of USDJPY

  • Effectiveness of easing has declined considerably
  • Negative effect of weaker yen is big for Japanese regions
  • Can't continue current BOJ policy forever
  • Irresponsible to maintain QQE just to avoid market disruption