The new governor of Bank of Japan (BoJ), Kazuo Ueda, reiterated on Monday that they will do the utmost to achieve price stability and financial system stability, as reported by Reuters.

"It's very important for financial intermediation to smoothly play out in the economy," Ueda added and acknowledged that the BoJ faces the task of making various efforts to sustain monetary easing.

Ueda further noted that he wants to achieve the 2% inflation target during his 5-year term.

Market reaction

USD/JPY showed no immediate reaction to these comments and was last seen trading modestly higher on the day at 132.30.