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Flash: No change at BoJ as Abenomic stutters - Societe Generale

FXstreet.com (Barcelona) - Societe Generale strategist Alvin Tan notes that this morning, the BOJ pledged to maintain its commitment to double the monetary base between 2012 and 2014, so no change in policy.

He adds that the BOJ cited the encouraging upturn in economic activity and financial markets to support the current policy, but remained silent on the recent sharp rise in Japanese bond yields. Keep a strategic short JPY position. However, he writes, “Abenomics has not been entirely a runaway success looking at the Japanese trade data this morning. April exports grew significantly less than expected while imports surged on more pricey energy imports caused by yen depreciation, thus widening the trade deficit.”

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