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26 Apr 2013
Forex: Today's BoJ lot less dramatic than the previous one - Westpac
FXstreet.com (Barcelona) - With the USD/JPY at fresh session lows around 99.16, the Nikkei flat for the day off fresh almost 5-year highs shy of the 14k points mark, and latest CPI for Japan coming out moments ago worse than expected, “Governor Kuroda’s second meeting at the helm of the Bank of Japan is likely to be a lot less dramatic than his first on 4 April, though there will still be interest in the announcement,” says Sydney based Westpac analyst Sean Callow.
Sean adds: “The meeting includes the semi-annual report, where most interest will be on the CPI forecasts. The Nikkei claims the BoJ will raise its FY14 (Apr14-Mar15) inflation forecast from 0.9% to about 1.5% while adding a FY15 forecast of 2% i.e. predicting successful policy,” the analyst notes.
“The meeting (expected from 02:00 GMT on) should be broadly neutral for USD/JPY, perhaps slightly supportive, including in the subsequent press conference by Kuroda,” Mr Callow concludes.
Sean adds: “The meeting includes the semi-annual report, where most interest will be on the CPI forecasts. The Nikkei claims the BoJ will raise its FY14 (Apr14-Mar15) inflation forecast from 0.9% to about 1.5% while adding a FY15 forecast of 2% i.e. predicting successful policy,” the analyst notes.
“The meeting (expected from 02:00 GMT on) should be broadly neutral for USD/JPY, perhaps slightly supportive, including in the subsequent press conference by Kuroda,” Mr Callow concludes.