BOJ’s Kuroda: Downside risks for inflation outlook are high

The Bank of Japan (BOJ) Governor Kuroda is on the wires now, via Reuters, making a scheduled speech at the annual meeting of securities firms, in Tokyo.

Key Quotes:

Japan’s domestic demand remains resilient.

Japan’s economy is expanding moderately as trend.

Expect inflation to gradually pick up toward target.

Downside risks for inflation outlook are high.

Watching carefully how global economy hits Japan’s CPI.

Closer attention needed on risks for price momentum.

Will continue to carry out appropriate policy without preconception.

Important to continue patiently strong monetary easing to keep momentum towards inflation target.

The Japanese currency ignores the comments from the BOJ Chief Kuroda, as it offers nothing new on the monetary policy or inflation outlook, leaving USD/JPY in the lower bound of today’s trading range near 107.60.