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USD/JPY Slips, As BOJ’s Kuroda Mentions More Easing
The JPY has been bearish since the last week of March, when the reversal from the coronavirus crash ended. The highs have been getting lower since then, as the sentiment remains slightly negative, due to the the elevated uncertainty. The Bank of Japan has set the rates at -0.10%, so there’s not much they can cut there. But, there’s no end to the rabbit hole, especially after the negative data from Japan this morning. BOJ governor Kuroda made some comments earlier today:
BOJ Governor Haruhiko Kuroda’s Comments
- We have not run out of policy tools
- We won’t hesitate to ease further if necessary
- The BOJ is open-minded, flexible
- We are monitoring the impact of the coronavirus closely
- The BOJ is focused on corporate financing, market stability
The usual stuff by Kuroda, but as much as he wants to boast about their policy toolkit, there isn’t much else they can do to restore faith in their ability to achieve their 2% inflation target. But hey! It’s part of his job description to try to get everyone believing.
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