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Flash: BoJ meeting concludes soon with no new initiatives expected - BBH

FXstreet.com (Barcelona) - Brown Brothers Harriman analysts note that the BOJ's two-day meeting concludes tomorrow and no fresh initiatives are expected.

They feel that the chief concern presently is the volatility of the government bond market, an unintended and seemingly unforeseen consequence of what it calls the qualitative and quantitative easing. They see that the yield on the 10-year JGB rose 3 bp and continues to flirt with the 90 bp level, which compares with a yield of about 55 bp just before Kuroda announced the BOJ was going to buy 70% of the new issuance. They write, “The backing up of long-term yields in Japan did not bring in new buyers at the 40-year auction earlier today. The bid-cover ratio was the lowest in almost 2 years. “

EUR/GBP touches 0.8500

The euro rose sharply versus the pound on Tuesday, as the British currency weakened broadly following lower-than-expected UK inflation data, which leaves room for further QE.
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EUR/JPY retreats off session highs to 132.19/26

The EUR/JPY has been sailing upward Tuesday, having spent most of the European session edging higher – during US trading however, the cross has eased off session highs (132.43) to trade at 132.19/26.
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