BOJ’s Kuroda: Rapid FX moves heighten uncertainty, make it difficult for companies

Bank of Japan (BOJ) Governor Haruhiko Kuroda said on Friday that he met Japan’s Prime Minister Fumio Kishida to explain domestic, overseas economic and market developments.

Additional comments

No specific request from PM Kishida on economy, markets.

Discussed FX with Kishida.

Rapid FX moves undesirable.

Will watch FX moves carefully.

When yen is moving 1-2 yen per day, that is a rapid move.

Won't comment on FX levels, specific market moves.

Rapid FX moves heighten uncertainty, make it difficult for companies to do business.

Market reaction

The yen picked up fresh bids on Kuroda’s comments, dragging USD/JPY to near 143.40, down 0.44% on the day.