The Bank of Japan announce the result of their monetary policy board meeting today.

I hear you asking ... So, what time is the Bank of Japan (BOJ) announcement due today?

OK ... now I have addressed this issue before, but I revisit the question. And today its especially important ... more to come on why this is so, below.

  • There is no scheduled time for the conclusion of the meeting and subsequent monetary policy statement.
  • The more there is to discuss and debate, the longer the meeting tends to go ... but with no change expected this time around I expect the announcement earlier rather than later.
  • Look for it some time between 0230 to 0330 GMT, 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

It's the bolded bit that is important. Watch for if the announcement seems to be taking longer than is usual. This could well be a sign that the bank is debating a change in policy ... i.e. more easing.

Comments and remarks out of Japan in the past couple of weeks have indicated a change in rhetoric from politicians there, looking for more easing from the BOJ. "But, the BOJ is an independent central bank" I hear you say. Nice try, but no, they aren't... to the extent that at a BOJ monetary policy board meeting there is a representative from the government in attendance (I think he brings in a baseball bat but I've yet to see that confirmed ;-) )

All that being said, market expectations today are for no change from the bank, but the potential is higher than normal ... be alert. As Ryan posted earlier:

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

Any further easing from the bank today will send the yen weaker.