Stories doing the rounds that the recent........>

BOJ: Stories doing the rounds that the recent change in communication from Japan

is related to a dovish dissenter calling for more easing, and the market has

been misinterpreting the message as an exit hint. 

- The known dovish dissenter is new BoJ member Goushi Kataoka who has been the

sole dissenter since joining the board in December 2017. Last year Kataoka wrote

a paper that called for higher fiscal spending and a freeze on sales tax

increase plans, Katoaka has also advocated further easing from the BoJ in the

past.

- Reports that cite people close to the BoJ discussions say that the recent

"reversal rate" comments and rhetoric around the risks associated with QE were

actually to warn against further easing as opposed to the QE exit or YCC yield

change, as has been interpreted by the market.

- If this proves to be true, it could cause several banks, including Barclays,

Morgan Stanley, JP Morgan and BAML, to rethink their calls that a YCC change is

on the cards for 2H 2018.