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Unchanged BoJ Leaves Yen On Slightly Weaker Footing

JPY

USD/JPY initially bounced post the BoJ decision, rising to 146.86, but we quickly pulled to the low 146.00 region. We now sit back at 146.45/50, little higher for the session, as JPY underperforms the softer dollar tone against the majors. The pair remains very much within recent ranges.

  • At face value the BoJ delivered few surprises, keeping all major policy parameters unchanged. There were some tweaks to ETF purchases which come into effect from Dec 1, but it doesn't appear to be a significant shift.
  • Forecasts evolved as expected, with growth revised for this financial year and next, while inflation pushed higher. Most of the shift is reflected for the current financial year, core up to 2.9% from the 2.3% previous forecast. Next financial year the forecast was raised to 1.6%, from 1.4%, but still comfortably sub 2%.

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