• A further sharp weakening in the yen is unfavourable in the current situation, when inflation is an issue

Is the narrative starting to change? There was already a subtle hint by the BOJ on Friday here and Suzuki is playing the same tune again with the above remark. I’ve outlined before how it will only take a BOJ pivot to really switch things around for the yen and perhaps Japan officials are starting to come around to that idea too (in much desperation).