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EUROSTOXX50 TECHS: (M2) Corrective Cycle


(M2) Path Of Least Resistance Remains Down


E-MINI S&P (M2): Gains Considered Corrective


(M2) Fresh Cycle Low

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- The BOJ will almost certainly leave its Monetary Policy settings unchanged at
the end of its latest meeting on Wednesday, even though the Bank is more
concerned about downside risks to a continued modest domestic economic recovery
amid the uncertainty over global demand.
- The Bank's most recent decision saw it widen the permissible trading band for
the 10-Year JGB yield (to -/+0.2% from -/+0.1%). The measure has stabilised in
the low double digit bp area following the vol. heading into & following the
most recent decision, which resulted in the BOJ conducting unscheduled Rinban &
fixed rate operations.
- Central View: Unch., Kataoka set to remain the dovish dissenter, with the BOJ
not wanting to rock the boat ahead of the ruling LDP Party's leadership elex.
- Dovish Risk: Increased worry around the trade war situation ahead of the
domestic sales tax hike scheduled for 2019.
- Hawkish Risk: Focus on the BOJ streamlining its Rinban (in the same way it has
done in Sep owing to "calendar effects") to promote additional flexibility.
MNI London Bureau | +44 0203-865-3809 |
MNI London Bureau | +44 0203-865-3809 |

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