A look at the day ahead in European and global markets from Wayne Cole.
finally decided to hurry up and do nothing - well, almost nothing.
Seemingly the only real change to guidance was to the sentence that it will not hesitate to take additional easing measures if necessary. The BOJ dropped the clause: "it also expects short- and long-term policy interest rates to remain at their present levels or lower".In the same vein, the bank revised up its forecasts for CPI, while giving mixed signals on GDP. The key CPI ex-food measure is seen at 1.8% for fiscal 2023 and 2.0% for 2024, but crucially not above 2.
For now, the market has taken the statement, and particularly the extended review time frame, as dovish, and pushed the dollar up 0.6% to 134.78 yen. Japanese 10-year bond yields are down almost 4 basis points at 0.425%, and Treasury yields dipped a fraction. newspaper partly stole the show by breaking the news while the BOJ was still meeting, although the initial reporting was a little confused on what actually the bank was doing and triggered some volatility.
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