The Japanese yen depreciated, and the Nikkei stock index went up in response to remarks by Bank of Japan Deputy Governor Uchida Shinichi that the BOJ will not raise its policy interest rate as long as the financial market is unstable.

Uchida said in his speech that after the BOJ implemented an additional rate hike last week, the yen’s depreciation has been corrected, and the risk of higher-than-expected inflation has correspondingly decreased.

He further emphasized that for the time being, it is necessary to continue the current level of monetary easing firmly, and there will be no rate hike in an unstable financial situation.

Uchida’s remarks were perceived as a shift in the BOJ stance.

The yen depreciated by approximately 2.70 yen against the US dollar.

Additionally, the Nikkei Stock Average, which had been declining compared to the previous day before his speech, turned positive and rose by over 1,100 points at one point.