Japan’s Chief Cabinet Secretary Hirokazu Matsuno said on Monday, the government hopes to continue working closely with the Bank of Japan (BoJ) to achieve sustained economic growth and price stability, based on thje agreement made in the joint statement.

He added that the “government hopes the BoJ continues to work closely with them, and seek to sustainably and stably achieve price target with an eye on economic, price and financial developments.”

Market reaction

USD/JPY is down 0.45% on the day, trading at 136.06, at the time of writing. The Japanese yen is cheering the news that the government is set to revise a joint statement with the BoJ over the latter's inflation target, potentially implying a tweak to its ultra-loose monetary policy.