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### 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."

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