The Bank of Japan is scheduled for today and should be expected any time from about 11:30 am Tokyo, or 1:30 pm Sydney, that's GMT 02:30. The announcement for the meeting a year ago was made at 02:46 GMT. Governor Kuroda’s press conference is expected to start at 06.30 GMT.
Analysts at Westpac explained that ''after the Bank of Japan’s shock decision in December to widen the 10-year government bond yield target range from -0.25% to +0.25% to -0.5% to +0.5%, there is keen anticipation of the outcome of the meeting which concludes today.''''Local media report that the BoJ will raise its inflation forecasts again in the quarterly update.
''Options include further widening the 10yr yield target range , shifting the yield target to the 5yr JGB, dumping yield curve control entirely and raising the benchmark policy rate which has been -0.1% since 2016.'' On a side note, it is worth mentioning that BoJ bought 5-10yr to maturity JGBs unlimited amount again today.Meanwhile, the Japanese yen is up 2.2% this month suggesting that investors are pricing a notable policy change today.
On the whole, analysts at Commerzbank said that ''it is quite possible that the BoJ — despite many arguments to the contrary — will initiate a monetary tightening in the near future that will significantly support the yen.'' ''If the BoJ tightens its monetary policy now, that argues for the yen to remain a low-interest rate currency . Because it then becomes likely that Japan will also remain a special case in terms of its return to zero or low inflation.''
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