BOJ’s Kuroda: Rapid yen moves are negative, undesirable for Japan’s economy

Must be vigilant to financial, currency market moves and their impact on Japan's economy, prices.

Declines to comment on FX intervention as it’s under MOF’s jurisdiction.

Yen weakening has been one-sided.

Rapid yen moves are negative, undesirable for Japan’s economy as it makes companies’ business planning difficult.

Necessary to achieve 2% inflation target in tandem with wage growth.

No comment on fx intervention.

Very important for currencies to move stably reflecting fundamentals.

CPI growth due to rise in import prices driven by commodity inflation and weak yen.

Will strive to achieve stable, sustainable inflation involving wage growth.

Cost-push inflation will be weakening after new year.

Wages are rising gradually and expected to rise further next year.

But even considering that, CPI growth likely to be limited to around 1.6% next year and year after that.

Expect next spring's wage talks to bring higher wage growth on factors including rising price inflation.

Not in condition where 2% price growth can be achieved next FY.

Japan’s economy still on path towards recovery from pandemic.

Appropriate to continue monetary easing to support economic recovery.

Acknowledges forex market players are paying attention to interest rate differentials.

Won't be right to explain dollar strength only based on interest rate differential.