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The BOJ minutes to be published today are for the April monetary policy meeting. The change from the Bank of Japan at this meeting was the announcement that the Bank would continue with unlimited bond-buying of 10-year JGBs at 0.25% every business day, unless it becomes clear such an offer would draw no bids. This move to affirm BOJ yield curve control has continued through to now. The most recent meeting, just last week, affirmed loose policy yet again, which has seen USD/JPY trek convincingly above 135. This comment was made by Captain Obvious after the BOJ meeting last week:
- will now set up another attempt at 135 later today or into the new week. This time it’ll be attacked with much more vigour … and should head higher
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The minutes are preceded, many weeks in advance and only weeks after the meeting by the ‘summary’:
Perhaps the yen might get another kicking during the session here today with a repeat of the yen message in the summary. This is me clutching at straws for any meaning from the minutes – do we really need any more info on how the BOJ is viewing loose policy and a weak yen … from way back in April? No, we do not. Yen will remain on the weak side regardless.
Apart from the BOJ its trade and credit card spending from New Zealand (noted below as the little flags can be confusing. From Australia, we get a leading index.
