Commenting on the inflation outlook, the Japanese Finance Minister Shunichi Suzuki said that they are “not thinking recent inflation negatively affects the economy.”

“Important to promote wage raises by creating an environment where companies can transfer costs to prices,’ Suzuki added.

Market reaction

USD/JPY is unfazed around 114.90 on these comments, trading 0.06% higher on the day. Strong Japanese Industrial Production did little to help JPY bulls.