Further comments are flowing in from the Bank of Japan (BoJ) board member Seji Adachi, this time speaking about the central bank’s yield curve control (YCC) policy.
Key quotes
Feel it will be tricky to judge inflation as overshooting our projection as a trend, and tweak policy, just with data available by our July meeting.
Want to look at several months' price data, and speed of price moves, in gauging price trend.
We won't tie monetary policy to price moves alone, will also look for any distortion in yield curve, bond market functions.
What to do with our overshoot commitment will be tied to our decision on what we do with YCC.
Using monetary policy as tool to arrest weak Yen would hamper progress made in achieving 2% inflation target.
We do not use monetary policy to directly manipulate FX rates.
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