Further comments by BOJ deputy governor nominee Amamiya at the lower house confirmation hearing in parliament
- Says that will support Kuroda and express his own opinions if appointed deputy governor
- Benefits from easing policies outweigh the costs
- Will scrutinise between costs and benefits in guiding monetary policy
- BOJ has some responsibility for long deflation period
- Hitting 2% inflation target is harder than first thought
- Momentum towards 2% inflation target is alive and well
- BOJ is aiming at a virtuous cycle, not just to hit 2%
- BOJ could technically adjust rates higher when appropriate time comes
- Can stably adjust yields little by little
Mainly a repeat of Kuroda's speech on Friday, with less ambiguity. Nothing new from the two BOJ deputy governor nominees so far, and you could forgive the market if it forgot that they were even on the wires at all.
USD/JPY still at 105.53, largely unchanged after the fall this morning. EUR/JPY down to 129.70 as the euro slips a little. GBP/JPY at 145.53, also a little lower as the sterling weakens heading into European trading.
