After the rejection of monetary policy tightening by Bank of Japan (BOJ) Governor Haruhiko Kuroda, Japanese Prime Minister Fumio Kishida also crossed wires on Monday, via Reuters. The policymaker said that it was premature to state now whether the government and the central bank could revise a decade-old joint statement that commits the Bank of Japan (BOJ) to achieve its 2% inflation target at the earliest date possible.

"It's something for after the new Bank of Japan governor is decided," Kishida added during a speech in a seminar on whether the government could initiate a revision of the statement.

Also read: BOJ Kuroda: Widening of yield band not step towards easy policy exit

Market reaction

USDJPY benefits from the news, together with yields on the Japanese Government Bonds (JGB). The Yen pair is last seen trading around 132.80 while consolidating the previous week’s slump, the biggest in 14 years.