Bank of Japan (BOJ) Executive Director Shinichi Uchida is defending Japan’s ultra-loose monetary policy, citing that the benefits of BOJ’s easy policy have spread across the economy.
Additional quotes
Japan's low interest rates are reflection of its low economic growth, subdued inflation
It's true BOJ’s monetary policy is partly behind low long-term, super-long yields.
BOJ’s analyses have shown excessive decline in super-long yields would have negative impact on economy.
BOJ’s monetary easing has helped create jobs, prop up economic activity.
Earlier on, BOJ policymaker Asahi Noguchi said, “BOJ must maintain an easy policy to ensure labor market improves and lead to an appropriate level of wage growth.”
Market reaction
USD/JPY is keeping its recovery mode intact towards 124.00, as the renewed weakness in the US dollar and Treasury yields make it an uphill battle for bulls.