• Ready to act if there is speculative action in FX market
• Will not say when we will step in as that will be revealing our tactics
• Weak yen has both positive and negative aspects

These remarks are nothing new but they feel like a bit of a step down compared to the points of inflation since Friday. Meanwhile, Kuroda is saying that the government and BOJ policies are complementary and not contradictory. I mean, we all know who wears the pants in Japan so we can only wait and see if there is any interest from government officials to poke and prod at a potential policy pivot.