The BoJ stood pat on MonPol as...........>

DOLLAR-YEN: The BoJ stood pat on MonPol as expected overnight, but did remove

the wording based on achieving its 2% CPI goal around FY19. Usd/Jpy failed to

react and largely consolidated in a narrow 109.15-35 range despite the US 10y

holding under 3%. The cloud top provides initial support at Y109.01, ahead of

the 100-dma at Y108.90. There is talk of barrier interest at Y109.50 (Y109.47 -

Apr26 high). US GDP & Michigan Sentiment Index the main highlights today. First

quarter GDP is expected to be up 1.9%, weaker than the 2.9% pace in the previous

quarter, with the key factor being much slower PCE growth as the retail sales

data have been incredibly soft in recent months. The Michigan Sentiment index is

expected to be revised up slightly to 97.9 from 97.8 in the preliminary

estimate, remaining below the 101.4 reading in March.

Option-expiries: Y107.50($1.37bn), Y108.00($790mn), Y108.50($1.28bn),

Y109.25($313mn), Y109.50($326mn).