Bank of Japan Governor Ueda appeared in parliament today.

Comments here.

He is still speaking.

One remark in particular caught my eye:

• No preset plan for rate hikes, will raise interest rates only if economy, prices turn up again, outlooks likely to be realised

This contrasts with what he has been saying in past months:

• BOJ would raise the policy rate this year if economic and price conditions continue to improve.

Ueda seems to be accepting that the economy has taken a turn for the worse … he’ll only hike:

• if economy, prices turn up again, outlooks likely to be realised

Bolding mine.

He also spoke of trimming tapering plans, see that link above for more.

JPY has dropped, USD/JPY is up nearly a big figure from its earlier low:

This article was written by Eamonn Sheridan at www.forexlive.com.

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