### Bank of Japan due to announce rates later...>

BOJ: ### Bank of Japan due to announce rates later today, all economists

surveyed expect no change from the Bank. Focus has been on the BoJ recently due

to what were perceived as "hawkish" remarks from BoJ officials (reversal rate)

and "stealth tapering" (cuts in long end purchases). Views from Banks (1/4):

- Barclays: "We expect the BoJ to keep policy intact, while revising up its GDP

forecasts and retaining its CPI projections. 

- HSBC: "Underlying inflation pressures have been absent so far, despite

positive q-o-q growth for seven consecutive quarters. Strong economic activity

is not translating into higher prices, with wage growth showing limited signs of

acceleration due to various structural factors. Consequently, the BoJ is likely

to maintain its extremely easy monetary policy in the foreseeable future, as a

premature pullback will dampen medium-term inflation expectations and also

result in a notable correction in financial market instruments including the

value of the yen. GDP likely to be revised higher, risks CPI forecast could be

revised lower."