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Forex Flash: USD/JPY risk skewed to the downside - Westpac

FXstreet.com (Barcelona) - The first Bank of Japan Policy Board meeting under Haruhiko Kuroda supervision has no fixed time for the announcement, says Westpac FX strategist Sean Callow, who adds that if last three meetings are of any indication, "all finished in the range 12:24 – 12:47pm Tokyo time, so we will stand by from about 2pm Syd/11am Sing/HK."

Sean notes: "Like many forecasters, Westpac looks for the BoJ to bring forward its open-ended asset purchases from Jan 2014 to Apr/May, to extend the maturity of its JGB purchases, drop the so-called ‘banknote rule’ (JGB holdings don’t exceed banknotes in circulation) and combine the asset purchase program with the ‘rinban’ JGB purchases. They may not specify the exact monthly APP total per month as the portfolio is adjusted."

Kuroda has a scheduled press conference at 5:30pm Syd/2:30pm Sing/HK , Sean says, "though this is not yet confirmed." Westpac baseline view "remains that risks on USD/JPY are skewed to the downside given sky high expectations" Mr. Callow adds.

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