Bank of Japan keeps policy unchanged

Note: This section contains information in English only.
Source: Dukascopy Bank SA


The Japanese central bank has announced that it would continue with its ultra-loose monetary policy despite a widely discussed expectations of an end to the stimulus. Governor of the BoJ Ueda stated that the policymakers were waiting for more evidence of wage and price increases that would justify a change of policy.

The Japanese Yen's value adjusted to the announcement with an initial increase of volatility that was followed by a decline. Note the initial spike of the USD/JPY up, as the rate was kept negative instead of being increased. The pair jumped from levels near 142.50 up to 143.70. Afterwards, as the press conference of the central bank started at 06:30 GMT, the rate decline due to the Yen strengthening. The Japanese currency strengthened due to market reaction to the comments that, if wages and prices increase in Japan, the BoJ could change its policy.

However, as the events ended, the rate started a clear surge to the resistance of the 144.30/145.00 range.
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