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BoJ Could Tweak ETF Purchase Guideline, LDP Lawmaker Sees Need For More Fiscal Stimulus

JPY

USD/JPY wavered on Thursday, holding above neutral levels for the better part of the day. Buoyant risk appetite sapped strength from safe haven currencies and USD/JPY managed to eke out some gains, even as it held the prior day's range.

  • An influential LDP lawmaker Yamamoto said that Japan should double the fiscal stimulus delivered to date and needs to "make a bold move along the lines of what the U.S. is doing."
  • Mainichi reported that the BoJ is planning to ditch the guideline allowing the central bank to but ETFs at the pace of Y6tn per year.
  • The rate last sits +5 pips at Y108.56. Bullish focus falls on Mar 9 high of Y109.23 and a break above that level would open up the 61.8% retracement of the Mar 2020 - Jan 2021 downleg at Y109.56. Conversely, a fall through Mar 5 low of Y107.82 would expose Mar 4 low of Y106.97.
  • Japan's BSI survey headlines the local data docket today.
  • Next week, focus turns to core machine orders (Monday), final industrial output (Tuesday), trade balance (Wednesday) as well as national CPI & BoJ MonPol decision (Friday).
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