BoJ's Haruyuki Toyama, head of Financial Markets Department, urged banks today to lower yen TIBOR; PMI report fell for the second consecutive month in June

• Japan bank lending - BoJ's Haruyuki Toyama, head of Financial Markets Department, urged
  banks today to lower yen TIBOR by commenting in an interview with Reuters that TIBOR,
  which has remained elevated from the underlying trend of market rates, needs to be
  normalized. This is likely to be a new "unconventional monetary easing", or verbal
  intervention of the BoJ, to lower the bank lending rates. Indeed, while yen 3M LIBOR fell
  70bp since the end of November last year, yen 3M TIBOR fell just 58bp –
  
• Japan – services PMI - The business activity index in the services PMI report fell for the
  second consecutive month in June, after having risen consecutively between December last
  year and April this year. However , the latest drop was quite small and the current level of the
  index, 47.1, remains