A preview for the BOJ meeting - Its Super Friday!
OK, yeah, I just made that up, but why should the Bank of England get all the super fun? And, if its gonna be a Super Thursday, why squander it on a fizzer? What has changed after the BOE's "Super Thursday"? ... Absolutely nothing
But, I digress ...
The Bank of Japan concludes their two-day monetary policy meeting today, with an announcement of their decision.
I hear you asking ... So, what time is the Bank of Japan (BOJ) announcement due today?
Well ... there is no scheduled time for the conclusion of the meeting and subsequent monetary policy statement.
The party rocks on until Kuroda has had enough The more there is to discuss and debate, the longer the meeting tends to go.
Look for it some time between 0230-0330GMT, but be ready for it outside that window.
Following on from the announcement Bank of Japan Governor Kuroda will give a press conference. This does have a scheduled time ... 0630GMT
OK, so the next question ... what to expect?
In short, no change in policy is expected:
- Currently the monetary base expansion pace is targeted at around ¥80 trillion per year
- it was ¥60 trillion-¥70 trillion, but was bumped higher last October
The BOJ is also likely to maintain its relatively positive outlook assessment for the economy, and to continue to insist the inflation target is in sight and will be hit soon (current BOJ forecasts have inflation approaching the 2% target in fiscal year 2016 ... which most private sector economists see as way too optimistic).
Having said this ... its helpful to remember that the BOJ gave no warning prior to its expandsoin of easing back in October of last year, and with many analysts and economists looking for further action from the bank, each meeting, regardless of us expecting 'no change', is a live meeting. Further easing action from the BOJ will be a negative yen input.
