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JPY: All roads leading towards BoJ monetary policy - MUFG

FXStreet (Delhi) – Lee Hardman, Currency Analyst at MUFG, suggests that the yen has weakened modestly in the Asian trading as investor risk sentiment has improved initially as dampened Fed rate hike expectations have for now outweighed the negative implications for the global growth outlook from the weaker payrolls report and in addition to that, Yen weakness also reflects some speculation that the BoJ could ease monetary policy further at their policy meeting this week.

Key Quotes

“The Bloomberg survey of economists captured the recent dovish shift in BoJ policy expectations. The survey revealed that 17 out of 36 economists now expect the BoJ to ease monetary policy further this month. The majority (15) expect further easing at their meeting on the 30th October with only a couple expecting further easing as early as this week.”

“It has been reported that the BoJ would like to assess more information before deciding to implement further easing. The Nikkei has reported that the BoJ may push back the current timeframe of 1H FY2016 to achieve their 2% inflation target when it is likely to lower its inflation and growth forecasts at the end of the month.”

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