From Societe Generale’s sales and trading groups (not SG’s Research Department), a view of further easing from the BOJ at their monetary policy meeting on Wednesday April 30:

We expect the BOJ to deliver further “QQE” on Wednesday, in the form of a further Y10trn increase in the monetary base, biased towards riskier assets.

(ps. “QQE” is the BOJ’s version of QE – it refers to “Quantitative and Qualitative Monetary Easing”)

They go on:

The BOJ meeting will certainly be more exciting than the FOMC the same day, and has a decent chance of helping USD/JPY rally from here. Solid US payrolls should help Treasury yields edge upwards, and if event in the Ukraine don’t unleash widespread risk aversion, the conditions for a push to and through USD/JPY 104 ought to be in place. Positioning too, is less unhelpful as yen bears capitulate.

Do with that whatever you like.

Comments welcome on the likelihood of further BOJ easing and the direction for USD/JPY: