BOJ Dep Gov Uchida says need to closely watch FX markets

Bank of Japan Deputy Governor Uchida repeating the comment from his boss, Governor Ueda earlier:

• the Bank needs to patiently continue monetary easing
• Uncertainty high re Japan’s economy
• the Bank’s decision in July to make the JGB 10 year yield target flexible is aimed at flexibility in responding to upside and downside risks
• we are not in a situation where achievement of the BOJ’s 2% inflation target is in sight

And adds in an implied intervention threat on the yen::

• need to closely watch FX markets

Ueda earlier: