BOJ Statement on Monetary Policy

BOJ Statement on Monetary Policy

From or.jp

At the Monetary Policy Meeting held today, the Policy Board of the Bank of Japan decided, by an 8-1 majority vote, to set the following guideline for money market operations for the intermeeting period: The Bank of Japan will conduct money market operations so that the monetary base will increase at an annual pace of about 80 trillion yen. 2. With regard to the asset purchases, the Bank decided, by an 8-1 majority vote, to continue with the following guidelines: a) The Bank will purchase Japanese government bonds (JGBs) so that their amount outstanding will increase at an annual pace of about 80 trillion yen. With a ... (full story)

Comments / Top
Subscribe

Apr 7, 2015 10:51pm

In a nutshell, current pace of stimulus (80T Yen) unchanged ... .

Yen may experience modest, short-term strength, but it's in line with the overwhelming consensus, so the lack of change may already be priced in.

ZebraSquirl

Apr 7, 2015 10:59pm

Permalink

Quoting ZebraSquirl

Disliked

In a nutshell, current pace of stimulus (80T Yen) unchanged ... .

Yen may experience modest, short-term strength, but it's in line with the overwhelming consensus, so the lack of change may already be priced in.

Ignored

But it's fairly clear that the Japanese economy is not nearly on pace to meet the 2.0% inflation target in the near term (which the Statement acknowledges), so further stimulus may be required down the road ... . If you thought the Fed and the ECB's pace was measured ... . The BOJ moves at the pace of a snail in comparison, so I wouldn't expect any expansion of stimulus later this month (as some pundits have suggested).

ZebraSquirl

Apr 7, 2015 11:15pm

Permalink

Quoting skyboys007

Disliked

So,keep buying yen pairs.

Ignored

Well, I think it depends on the Yen cross ... .

I'll keep on buying USD/JPY on dips and selling it within the range it's kind of hung around in since the beginning of the year; everything else, I'll just have to see what that particular pair's doing. Virtually every currency besides the Greenback is in weakness: EUR, AUD, NZD, GBP ... .

CAD/JPY might be interesting, since CAD moves a bit on oil ... .

Rtm

Apr 8, 2015 1:44am

Permalink

as it stands now USD/JPY will move up to 128-130 moving into the next quarter/half of the year, as it stands now.

Benevolent

Apr 7, 2015 10:42pm

Permalink

"The bank will continue with QQE"
@reyjins, that is a good indication of more JPY weakness to come.

senanata

Apr 8, 2015 12:19am

Permalink

limited strengthening for Yen..

aman4forex

Apr 7, 2015 10:53pm

Permalink

Though there is no recent increase in QE program but CPI target is still far from getting achieved. So QE is on sooner or later. Wait for kuroda's comments in press conference following the rate statement.

Cheers !

reyjins

Apr 7, 2015 10:56pm

Permalink

Quoting aman4forex

Disliked

Though there is no recent increase in QE program but CPI target is still far from getting achieved. So QE is on sooner or later. Wait for kuroda's comments in press conference following the rate statement.

Cheers !

Ignored

when will kuroda's comments? and what comment will make jpy strengthen or weaken?

skyboys007

Apr 7, 2015 11:04pm

Permalink

Quoting aman4forex

Disliked

Though there is no recent increase in QE program but CPI target is still far from getting achieved. So QE is on sooner or later. Wait for kuroda's comments in press conference following the rate statement.

Cheers !

Ignored

So,keep buying yen pairs.

PishonCapita

Apr 8, 2015 1:47am

Permalink

I have gone long on the usdjpy as I see the short yen rally fading. My take is that the short rally after the BOJ statement was just a correction on pundits who had bet on increase in QE. My target is yesterday's high of around 120.415. Only Kuronda's unexpected comments can wash me down the drain, but its a risk I am willing to take.