Both govt and central bank have created non-deflationary condition
We have a blank slate on who would become the next BOJ govt (really?)
Will order new policy package and extra budget at Cabinet meeting on Wed, Nov 1st
aim to get country out of deflation by accelerating wage growth
Will compile package in early Dec and extra budget by end of 2017
Economy remains the top priority
We’re in continuity on policies, the equity market should like it as they already did overnight .
Usdjpy was already trading higher (113.95)in anticipation of the stimulus package and Kuroda staying at the helm of BOJ.
The stronger US ADP report and a better risk environment is helping USDJPY back to the 114.20 handle. An upbeat FOMC could be the trigger to finally tackle the 114.50.
I’m long USDJPY and a tad GBPJPY in the run up to.
If not , range trading will prevail as I don’t think JPY can strengthen to much from here.
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