While speaking at a news conference after the G20 meeting in India on Tuesday, Bank of Japan (BOJ) Governor Kazuo Ueda noted that there was still some distance to sustainably achieve the 2% inflation target, per Reuters.

Key takeaways

"The BoJ has been patiently maintaining easy policy."

"Unless our assumption on need to sustainably achieve 2% target changes, our narrative on monetary policy won't change."

Market reaction

USD/JPY gained traction in the early American session on Tuesday and was last seen trading modestly higher on the day at 138.85.