Japan’s Chief Cabinet Secretary Matsuno Hiroshi: Pay close attention to foreign exchange trends with a high sense of urgency.

Chief Cabinet Secretary Matsuno Hiroshi: The Bank of Japan is expected to maintain appropriate monetary policy to achieve price targets.

Bank of Japan Governor Kazuo Ueda: Pay close attention to foreign exchange fluctuations, which will affect the price outlook.

Bank of Japan Governor Ueda Kazuo: I hope the foreign exchange market will maintain stable fluctuations.

Bank of Japan Governor Kazuo Ueda: I hope the foreign exchange market can reflect fundamentals.

Chief Cabinet Secretary Matsuno Hiroshi: The government is expected to work closely with the Bank of Japan.

Bank of Japan Governor Kazuo Ueda: No comment on short-term interest rates and foreign exchange fluctuations.

Bank of Japan Governor Kazuo Ueda: After achieving the 2% inflation target, we have no specific policy selection strategy.

Bank of Japan Governor Kazuo Ueda: Corporate profits are generally stable and he is positive about wage increases next year.

SNB: This indicates that the trade surplus increased by CHF 5 billion compared with the same period in 2022, mainly due to increased trade in goods.

Swiss National Bank: Switzerland’s current account surplus expanded to 20 billion francs in the second quarter.

Bank of Japan Governor Kazuo Ueda: We need to strengthen awareness and the Federal Reserve may raise interest rates again.

Bank of Japan Governor Kazuo Ueda: There are various uncertainties in our expectation of a soft landing for the U.S. economy.

USD/JPY held steady near session highs following a speech by Bank of Japan Governor Kazuo Ueda.

Bank of Japan Governor Kazuo Ueda: My comments in the Yomiuri Shimbun were not due to a change in my distance from ending the negative interest rate policy.

Bank of Japan Governor Ueda Kazuo: We still cannot determine which variable will lead to the achievement of the 2% inflation target, nor can we determine the end time of the negative interest rate policy.

Bank of Japan Governor Kazuo Ueda: It is not yet foreseen that the goal of inflation accompanied by stable wage growth will be achieved.

Analyst Mary Nicola: Bank of Japan Governor Kazuo Ueda’s speech left little support for the yen in major crosses. EUR/JPY, AUD/JPY and JPY/KRW all responded with a weaker yen. USD/JPY still appears to be factoring in the impact of the press conference, but this only means that US Treasury yields will be the guide for the pair.