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JPY: BoJ MPM and FOMC results – Deutsche Bank

JPY: BoJ MPM and FOMC results – Deutsche Bank Skip to main content Follow us on: | FXStreet Blog |    Newsletter MENU Show navigation FXStreet FXStreet - The forex market Home RATES & CHARTS TOOLS Live Chart Trading Positions Forecast Poll Rates Table Technical Confluences ASSETS EUR/USD GBP/USD USD/JPY AUD/USD NZD/USD USD/CAD GBP/JPY EUR/JPY Dollar Index Gold Oil SP500 News LATEST FOREX NEWS Latest News Institutional Research LATEST NEWS BY ASSETS EUR/USD GBP/USD USD/JPY AUD/USD NZD/USD USD/CAD USD/CHF EUR/GBP Dollar Index Commodities Bonds Equities Analysis EDITORIAL SELECTION EUR/USD GBP/USD USD/JPY AUD/USD USD/CAD Dollar Index Oil Gold Stocks Commodities Bonds Correlations Support and Resistance Elliott Wave Cycles Sentiment Economic Calendar TOOLS Economic Calendar Interest Rates Market Hours TOP EVENTS Nonfarm Payrolls Fed BoC ECB BoE SNB BoJ RBA RBNZ Live Video SECTIONS Shows Schedule Become Premium MOST POPULAR COACHES Ed Ponsi Giuseppe Basile Sarid Harper Alex Ong Sam Seiden Steve Ruffley Rob Colville Nenad Kerkez Gonçalo Moreira Navin Prithyani David Pegler Walter Peters Education Brokers SECTIONS Forex Brokers Broker News Broker Spreads Home RATES & CHARTS TOOLS Live Chart Trading Positions Forecast Poll Rates Table Technical Confluences ASSETS EUR/USD GBP/USD USD/JPY AUD/USD NZD/USD USD/CAD GBP/JPY EUR/JPY Dollar Index Gold Oil SP500 News LATEST FOREX NEWS Latest News Institutional Research LATEST NEWS BY ASSETS EUR/USD GBP/USD USD/JPY AUD/USD NZD/USD USD/CAD USD/CHF EUR/GBP Dollar Index Commodities Bonds Equities Analysis EDITORIAL SELECTION EUR/USD GBP/USD USD/JPY AUD/USD USD/CAD Dollar Index Oil Gold Stocks Commodities Bonds Correlations Support and Resistance Elliott Wave Cycles Sentiment Economic Calendar TOOLS Economic Calendar Interest Rates Market Hours TOP EVENTS Nonfarm Payrolls Fed BoC ECB BoE SNB BoJ RBA RBNZ Live Video SECTIONS Shows Schedule Become Premium MOST POPULAR COACHES Ed Ponsi Giuseppe Basile Sarid Harper Alex Ong Sam Seiden Steve Ruffley Rob Colville Nenad Kerkez Gonçalo Moreira Navin Prithyani David Pegler Walter Peters Education Brokers SECTIONS Forex Brokers Broker News Broker Spreads ; NEWS | 40 minutes ago JPY: BoJ MPM and FOMC results – Deutsche Bank By Sandeep Kanihama Taisuke Tanaka, Strategist at Deutsche Bank explains that the BoJ voted as expected to keep current policy intact at its Monetary Policy Meeting (MPM) yesterday, one year after its launch of yield curve control (YCC). Key Quotes “On quantitative easing, the bank refrained from acknowledging after-the-fact its effective tapering over the past year or changing its annual ¥80trn balance sheet expansion target. The decision was passed 8-to-1 in the first meeting since the departure of policy board members Takahide Kiuchi and Takehiro Sato, who voted continuously against present policy. The dissenting vote this time was by Goshi Kataoka, who argued that the present monetary easing was insufficient. The unhealthy nature of an all-dovish policy board looms as a potential problem in the future, but we suspect the markets will welcome the bank's present unwavering stance, which supports a weak yen and equity rally, for the medium term.” “We consider yesterday's decision neutral for yen markets. However, BoJ policy is an auxiliary engine for the yen. The primary engine is US factors. The Fed demonstrated a hawkish stance at yesterday's meeting buoying the USD/JPY to the mid ¥112 level. The FOMC indicates that it will begin shrinking its balance sheet in October and maintains its outlook for one rate hike in December and three more next year. Fed Chair Janet Yellen suggested that this year's low level of inflation stemmed from one-time factors. The FOMC's view is broadly in line with ours.” “If rates are hiked in response to the mid-2% growth in the US economy as per the FOMC's expectations, the USD/JPY should climb beyond ¥115. The BoJ has almost no scope for further easing, but the mere continuance of present policy should support the rise in the USD/JPY in the back of America's robust growth and rising interest rates. Still, the pace of US rate hikes has been slow, and the gap between US and Japanese short-term interest rates is still insufficient to drive a USD/JPY rally. However, as the markets gain confidence in the economy in light of the Fed's rate hike stance, the USD/JPY should seek additional upside in line with higher UST yields.” Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these securities. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Forex involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. 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FXStreet | 06:47 GMT France Gross Domestic Product (QoQ) meets forecasts (0.5%) in 2Q FXStreet | 06:47 GMT USD/JPY bounces off lows, still weaker around 112.00 mark FXStreet | 06:25 GMT IDR: Chances of a 25bps cut from Bank Indonesia - TDS FXStreet | 06:14 GMT   Sources: Japanese snap election date set for Oct 22nd - BBG FXStreet | 06:13 GMT US and Eurozone PMIs and UK PM May’s speech amongst market movers today – Danske Bank FXStreet | 06:10 GMT UK: Focus on PM May’s speech in Florence - TDS FXStreet | 06:05 GMT Load More content ... ©2017 "FXStreet" All Rights Reserved FXStreet Blog Site Map Terms and conditions Contact us Advertise with us Languages Edition Spanish Italian Indonesian Portuguese Japanese Traditional Chinese Simplified Chinese Russian French Arabic Deutsch Hungarian Turkish Vietnamese Catalan Korean Disclaimer Note: All information on this page is subject to change. The use of this website constitutes acceptance of our user agreement. 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