The BOJ are due to conclude their monetary policy meeting tonight
The risk is fairly low for tonight's BOJ meeting but this isn't the one that matters. The bank has another one at the end of October where they reveal their latest economic forecasts. That will be the one that will give us a greater idea of whether they are likely to pull the trigger on more QQE
The recent noise from inside the bank is that they are in wait and see mode and that's likely to continue. There seems to be a lot of weight being put on the transitory nature of the current world's problems and the fall out from the Fed rates event. The problem with that is how long is the proverbial transitory piece of string?
It's looking highly likely that everyone is waiting for the Fed to act so that they can all follow suit. They want to get that issue out of the way and see the outcome. It's a dangerous game but one that central banks look willing to play
There might be a trade in any dollar disappointment after the BOJ announcement but I'd look to the usual levels at play in the range
