- Yen decline last year was too rapid
- Weak yen hurts households via rising prices but benefit firms via increase in overseas profits, rise in inbound tourism
- Monetary policy does not directly target exchange rate
- Don’t need to make operational tweaks to YCC for the time being
Just some token remarks there and nothing that we haven’t heard of before. But this just adds to the tune of frustration for yen bulls, who had been holding hope for a change under Ueda’s regime.