virtuous cycle seen working Well that’s the first two standard mantras out of the box in his presser which has just started USDJPY 117.33 still exports to recover moderately due to overseas recovery and weak yen private consumption remains firm as a trend, sales tax hike to wane graudally CPI likely to hit 2% around fiscal 2015/16 And there’s the next three BOJ QQE having intended effect expects expanded QQE to strengthen transfer mechanism of monetary policy very important to maintain trust in Japan’s public finances expect govt to maintain fiscal consolidation plan sales tax decision up to govt and parliament (full story)