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Minutes of BoJ policy: Signals favourable domestic economic assessment - Rabobank

FXStreet (Delhi) – Jane Foley, Reseatch Analyst at Rabobank, notes that the minutes of the BoJ’s September policy meeting repeat the fairly favourable domestic economic assessment which was evident in last week’s publication on the Monthly Report of Recent Economic and Financial Developments.

Key Quotes

“The BoJ reports that labour market conditions continue to improve and employee income had risen moderately. Both reports also refer to the ‘marked’ improvement in corporate profits. While the slowdown in emerging markets is linked with a flat performance in industrial production, the tone of these reports is not consistent with a central bank chomping at the bit to increase the amount of policy stimulus.”

“While we expect that the BoJ will have to ease further this cycle, there is risk that the October 30 policy meeting may bring a disappointment for JPY bears.”

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