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Bank of Japan (BOJ) monetary policy board member Kataoka is on the wires now, via Reuters, making some comments on the monetary policy.

Key Headlines:

Important for BOJ to act pre-emptively when economic, price risks heightening.

I believe BOJ must strengthen monetary easing given there is gap between its price target and actual inflation moves.

By cutting short-term rate target, BOJ can change shape of yield curve to one that is more accommodative.

The timing of the global economic recovery is being delayed, any recovery likely to be moderate.

The Japanese currency witnessed some fresh selling on the above comments, driving USD/JPY back above the 106 handle.