Overnight, the main highlight had been the Bank of Japan monetary policy meeting, where officials kept policy unchanged, as widely expected, keeping rates at -0.1% and the 10yr JGB yield target at 0%. Much to many market participants expectations following a series of source reports, the Bank stated that the risks to the price outlook were “roughly balanced” from “skewed to the downside”.
However, following the decision, Bank of Japan Governor Kuroda squashed recent speculation, by stating that the BoJ is not considering rate hikes at all or tweaking current monetary easing during his remaining term, which ends in April 2023. The initial response saw the Japanese Yen slip a touch, testing 115.00 amid an unwind of traders front-running the recent BoJ speculation. However, with market participants back on yield watch, with the US 10yr at 1.
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