Adviser to PM Abe out on Reuters 10 May 2016

Obviously not in a hurry to step in any time soon. I wonder if he cleared that remark with Aso first?

  • Japan can warn markets that it has the right to stem volatile fx moves
  • BOJ's mon pol working fairly well
  • raising sales tax next would entail many risks
  • BOJ can wait before deciding any fresh easing
  • need to gauge impact of negative interest rate policy

USDJPY still 109.20 and pausing for breath but showing no signs of running out of air just yet.