Leaves the YCC in place, at -0.1% for the short term and “around 0%” for the 10 year rate
- Maintaining the purchase target of “about” ¥6tn/year ET
- MAintains JGB yearly buying target at 80 trln JPY
- Same dissenter Kataoka as previous
- BOJ Monetary statement
- Outlook for Economic Activity and Prices GDP forecasts
-Raises FY17/18 GDP growth outlook from 1.8% to 1.9%
– Affirms FY18/19 GDP growth outlook from 1.4% to 1.4%
– Affirms FY19/20 GDP growth outlook from 0.7% to 0.7% CPI Forecasts
– Cuts FY17/18 core CPI outlook from 1.1% to 0.8%
– Cuts FY18/19 core CPI outlook from 1.5% to 1.4%
– Affirms FY19/20 core CPI excluding effect of consumption tax hike from 1.8% to 1.8% - BOJ Outlook report
- We are expecting the present and most likely also next Governor of the Bank of Japan, His Royal Steadiness Mr Kuroda’s press conference in about 3.5 hours time
- The JPY, which was in a bit of a lift against the USD and keeping its ground on the crosses front, moves very little at 113.15 vs USD and 131.65 vs EUR initially
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JPN225 unstoppable?
It’s not alone. Close your eyes and buy seems to be the strategy.