JPY remains weak after dovish comments from Kuroda

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The Bank of Japan left interest rates and other monetary policy settings unchanged during the meeting today. Such a decision was expected by the markets. However, market participants hoped that BoJ will at least provide some more hawkish forward guidance given that inflation stays above BoJ target and JPY continues to weaken. Unfortunately for JPY bulls, Kuroda did not throw yen a lifeline and stuck to his dovish rhetoric. Key takeaways from Kuroda's post-meeting speech:

Interest rates should not rise
Inflation is fuelled by high commodity prices
Wage increases insufficient compared to price increases
Wages need to increase quicker than CPI inflation in order for inflation to persistently be near target
Recession is not expected
Excessive bond buying last month was related to speculative factors
BoJ will return to "normal" magnitude of bond purchases

EURJPY recovers from yesterday's losses. The pair should remain volatile throughout the day as inconclusive expectations for a ECB decision are likely to result in a surprise. Source: xStation5

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