When is the BoJ and how might it affect USD/JPY? BOJ USDJPY Currencies
The Bank of Japan is scheduled to deliver the outcome of its meeting today with the governor Kazuo Ueda to hold a news conference at 0630 GMT after the policy meeting. There is no firm time for the announcement of the decision but last time it was at 0230 GMT.
Markets aren’t expecting any changes at this meeting, but the fact that Japan is now recording the highest inflation since 1981 suggests that pressure for a change in policy is on the up. Leading up to the meeting, Tokyo CPI inflation numbers released showed a YoY price growth of 3.5% in April. ´´That’s two ticks higher than expected, and the core readings look even stronger,´´ analysts at Rabobank said.
Meanwhile,´´ they said, ´´the Japanese jobless rate rose to 2.8% when it was expected to fall one tick to 2.5%. That all looks stagflationary too, but new BOJ GovernorIn the media today, the Nikkei reported that the BoJ will forego revising YCC and will discuss a revision of forward guidance. ´´We think it is highly likely that a formal policy review is announced. That should put the next YCC shift as early as June. Generally, we think assuming a YCC change sooner rather than later is a prudent strategy,´´ analysts at TD Securities said.´´The BOJ will not provide advance warning to a YCC change and will instead prefer to do it when it is least expected. As such, one cannot fully rule out a change at any meeting.
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