REPEAT: POV: No Change At The BoJ, Eyes On......>

BOJ: REPEAT: POV: No Change At The BoJ, Eyes On Rinban & Yield Curve Control

- All of those surveyed exp. the BoJ to leave its policy rate unch. at -0.10%

with the focus set to move swiftly to the Yield Curve Control (YCC) settings. It

seems a little early for the BoJ to tweak its YCC, after it doubled the width of

the 10-Year JGB yield trading band to -/+0.2% in July (last trading 0.113%).

- Price pressures remain tepid, although MNI understands that BoJ officials

maintain the view that the momentum toward achieving the 2% price target remains

& they still believe that consumer prices will pick up, albeit slowly.

- This comes as the economy faces headwinds via the trade war & on the back of

several natural disasters in recent times. However, the BoJ's most recent Tankan

revealed stable investment intentions despite the increase in uncertainty.

- Some have suggested that the BoJ may alter the its Rinban schedule to allow

more time between JGB auctions & Rinban ops to promote trading activity, while

others have mooted less frequent ops (as has been the case since the start of

Sep, which was originally attributed to seasonality). Focus will therefore fall

on the Bank's Nov Rinban ops, which could hit any time after the decision.