Japan’s Katayama says BoJ's latest rate hike was done to achieve inflation target

Japanese Finance Minister (FM) Satsuki Katayama said on Friday that the latest rate hike from the Bank of Japan (BoJ) was done to achieve the inflation target. Katayama added that she expects the central bank to conduct appropriate monetary policy while coordinating with the government.

Key quotes

Specific monetary policy tools are up to BoJ to decide. 

BoJ's latest rate hike was done to achieve inflation target.

Expect BOJ to conduct appropriate monetary policy while coordinating with the government. 

Won't comment on specific FX levels, rate checks.

Trump expressed concerns about weak yen during summit.

Will closely coordinate with us on forex.

PM Takaichi expressed concern over yen weakness in general. 

Market reaction

At the time of writing, the USD/JPY pair is down 0.24% on the day at 158.48.