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Forex: Today's BoJ lot less dramatic than the previous one - Westpac

FXstreet.com (Barcelona) - With the USD/JPY at fresh session lows around 99.16, the Nikkei flat for the day off fresh almost 5-year highs shy of the 14k points mark, and latest CPI for Japan coming out moments ago worse than expected, “Governor Kuroda’s second meeting at the helm of the Bank of Japan is likely to be a lot less dramatic than his first on 4 April, though there will still be interest in the announcement,” says Sydney based Westpac analyst Sean Callow.

Sean adds: “The meeting includes the semi-annual report, where most interest will be on the CPI forecasts. The Nikkei claims the BoJ will raise its FY14 (Apr14-Mar15) inflation forecast from 0.9% to about 1.5% while adding a FY15 forecast of 2% i.e. predicting successful policy,” the analyst notes.

“The meeting (expected from 02:00 GMT on) should be broadly neutral for USD/JPY, perhaps slightly supportive, including in the subsequent press conference by Kuroda,” Mr Callow concludes.

Forex: US Dollar Index still range bound, GDP on tap

The US Dollar Index finished the day down 19 pips at 82.86. However, the pair at one point traded as low as 82.48 before dip buyers came in to take advantage of the early pullback. Market participants are eagerly awaiting the upcoming GDP number due out during the upcoming US session at 12:30GMT.
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Forex: USD/JPY: edges lower after CPI data, BoJ rate decision up next

The USD/JPY is edging slightly lower during Asia trade, down 15 pips at 99.17. The Bank of Japan released its most recent CPI figures earlier in the session, with the print coming in at -0.9%. Before the release, the pair was trading around 99.34 but quickly dropped to 99.13 where is attempting to consolidate. Market participants will be focused on the Bank of Japan rate decision due out a bit later at 2:00 GMT
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