Bank of Japan (BoJ) Governor Kazuo Ueda (pictured) said on Friday at a press conference that the chance of the Japanese yen remaining weak for a prolonged period of time "is not zero."
"Although the main reason for the full-year 2024 inflation outlook upgrade is higher crude price, a weak yen had an impact to some extent ... Monetary policy does not directly target currency rates. But, exchange-rate volatility could have a significant impact on the economy and prices. If yen moves have an effect on the economy and prices, that is hard to ignore [and] could be a reason to adjust policy," Ueda detailed.
Meanwhile, talking about Japanese government bonds (JGB), Ueda noted that "future reduction of JGB buying will be decided at policy board."
