Japan's Kiuchi says FX driven by rate gaps and inflation, not government view

Kiuchi's comments keep Tokyo's official line intact, that Tokyo will not pre-signal a preference on the timing or direction of BOJ policy, which leaves the yen's near-term path hinged on rate differentials rather than fresh verbal intervention. His characterisation of the pass-through from a weak yen to inflation as lagged and limited suggests the governmen…

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