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USD/JPY retreats as BOJ minutes further reveal division on expanded easing – TradeTheNews

FXStreet (Barcelona) - According to The TradeTheNews team, the USD/JPY pair retreated after hitting a session high as the meeting minutes from the controversial BoJ decision revealed that few policymakers express their doubts over easing measures.

Key Quotes

“The meeting minutes from the controversial Oct 31st BOJ decision marked the key USD/JPY risk event, as the pair first hit session highs above 118.50 before falling below 117.80. Recall the decision to expand QE to ¥80T from ¥60-70T was already a near even 5-4 split.”

“Today's decision revealed that several policymakers also feared some of the "side effects" of more easing, and that they expressed some doubt over the impact of such a move.”

“This would only reinforce the depth of the split in the policy committee, suggesting the dissenter camp is well-entrenched in its position not to take up a more aggressive approach.”

“Separately in Japan, the Cabinet Office November report maintained overall economic assessment, but lowered its view on the Employment segment for the first time in 2 years to state improvement in labor has paused.”

“BOJ Gov Kuroda largely reiterated his rhetoric that domestic economy continues moderate recovery and core CPI would meet the 2% inflation target in or around FY15.”

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