BOJ dep gov Hiroshi Nakaso speaking to reporters in Okinawa

  • ending deflation is BOJ's mandate
  • won't give up on the fight to eradicate deflation
  • important to maintain market confidence over Japan's finances
  • doesn't think negative rates will severely hurt Japanese banks' intermediary functions
  • market needs time to digest neg rates
  • thinks G20 shares a stronger understanding that monetary policy alone can't achieve balanced economic growth

This is the news conference that Eamoon referred to in his earlier Nakaso post with additional comments from the dep gov here

USDJPY nudging a little higher to 114.20 but nothing of note on these comments.

Seems to me the market needs the BOJ to put up or shut up.