BOJ governor Ueda says no huge build up of yen carry positions compared to July

• Weak yen pushes up costs and have big negative impact on consumption
• But it is a positive for exports and inbound tourism
• Does not think there is a huge build up of yen carry positions compared to July
• Seeing progress in sustainably achieving price target
• Keeping rates low for too long could accelerate inflation and force us to hike rapidly

These are all “insurance” comments in case they do angle the conversation in the coming weeks towards hiking rates in December. Otherwise, he’s not really giving anything away in playing it safe and right down the middle for now.

This article was written by Justin Low at www.forexlive.com.