Head of the BOJ speaks following their monetary policy meeting

  • Economy is likely to turn to a moderate expansion

  • Will continue with QQE and yield curve control as long as is needed to achieve 2% target

  • Will adjust mon pol as appropriate in order to maintain momentum towards achieving BOJ price target

  • CPI excluding food and energy is stagnating
  • Prices are keeping momentum towards 2% but lacks strength
  • Will pursue powerful monetary easing to achieve price target
  • Expects wage rises from labour talks to support the economy

The comments so far are quashing any slight expectations that he might tinker with the yield range.

  • US hikes are not having a serious impact on emerging markets

  • Expects G20 to discuss global economic outlook
  • Expects strong interest from G20 on new US governments policies

We're in to the non-BOJ waffle now so I guess we can write the rest of this one off. We'll be into the Q&A in a bit.