USD/JPY flows: Ueda fail to inspire a JPY rally with limited credibility

In Ueda's speech before the Diet, he said the BoJ could raise interest rates at July meeting, depending on economic, price and financial data and information available at the time. While such remarks from a central bank governor usually spark an immediate and drastic reaction in the market, USD/JPY barely moved as Ueda's credibility has been tarnished by repetitively not following through. The overall direction within BoJ did not change with expectation of strengthening in Japan wage-price cycle and thus inflation. 

USD/JPY is trading 0.06% lower at 157.61.