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Japanese Yen Little Moved on Status Quo BoJ, Markets Await Kuroda

Japanese Yen Little Moved on Status Quo BoJ, Markets Await Kuroda

Daniel Dubrovsky, Contributing Senior Strategist


Talking Points:

  • Bank of Japan leaves monetary policy unchanged as forecasted
  • The Japanese Yen was little moved against its major companions
  • Governor Kuroda will present a follow-up speech in a few hours

See how the Japanese Yen is viewed by the trading community at the DailyFX Sentiment Page.

The Japanese Yen showed a typical response to a status quo Bank of Japan monetary policy announcement. As expected, the currency failed to move much.

The central bank left the main lending rate and 10-year yield target unchanged at -0.10 percent and 0.00 percent respectfully. In addition, the bond purchasing program continues to chug along at an annual pace of JPY80 trillion.

Policy members voted 8-1 for this outcome with board member Goushi Kataoka dissenting the decision. Kataoka said that the yield curve effect is not enough for the inflation target and that there is a low chance of CPI increasing to 2% from 2018 on.

With that in mind, the markets will likely turn to Governor Haruhiko Kuroda’s follow-up speech at 6:30 GMT later today for more details. Perhaps he might have a comment or two on the most recent inflation figures which saw the core index at 2015 highs.

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.