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Reuters has reported that the Bank of Japan can heighten transparency and stabilise markets by clarifying the band at which it allows long-term interest rates to move around its 0% target, several views voiced by the board members at its March meeting showed.

“The BOJ must respond rigidly to protect the upper limit of the range” with its newly introduced market operation, one of the nine board members said, according to the summary of opinions released on Monday.”

More notes

Cabinet office rep said hopes BoJ continues to work closely with govt, guide monetary policy appropriately.

Japan’s economy may be experiencing shift in downtrend as exports, output remain firm.

Must be vigilant to risk weakness in japan prices may be prolonged.

Must scrutinise both upside, downside risks to japan prices.

In Japan, deflation risk is still higher than that of unwelcome inflation.

There has been no reaction to this, although from a technical standpoint, the dollar is consolidating which leaves USD/JPY exposed to a downside correction to the prior resistance and a 38.2% Fibonacci retracement of 109.30.