The Bank of Japan (BoJ) held steady in their latest October meeting, largely within the market’s expectation following reports that the central bank may be holding fire. Forward guidance had nevertheless been altered in a dovish manner with the line suggesting rates ‘to remain at their present or lower levels’, hinting at a possible move going into December, though this was also within anticipation. With little surprises, the Japanese yen was seen little moved following the meeting. Indeed, the trajectory of the yen itself of late had perhaps provided little impetus for the BoJ to move. More importantly, however, it ... (full story)