BoJ’s Uchida: Depending on speed of moves, BoJ will step in before 10-year yield hits 1.0%

Bank of Japan (BoJ) Deputy Governor Shinichi Uchida said on Wednesday that “depending on the speed of moves, BoJ will step in before the 10-year yield hits 1.0%.”

Additional quotes

If economic and price conditions change from now, there is a chance BoJ’s response could change.

If economic and price conditions do not change much, long-term rates won't rise much so current policy will likely be fairly robust.

Japan's deflationary mindset is showing signs of change, by nurturing this change we can achieve 2% inflation.

Also read: BoJ’s Uchida: Japan is now at a phase where it's important to patiently maintain easy policy

Market reaction

USD/JPY came under renewed selling pressure and reversed sharply to near 142.65 region before bouncing back to 142.90, where it now wavers. The spot is down 0.31% on the day.