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The Bank of Japan (BOJ) is reportedly considering upgrading its economic assessment on expectations of a rebound in the Japanese economy after the sharp contraction in Q2, Bloomberg reported, citing people familiar with the matter.

Additional takeaways

“Any changes would acknowledge that the slump has bottomed, rather than indicate optimism surrounding the outlook of the economy.”

“BOJ policymakers still see that the economic situation remains severe and highly uncertain amid the fallout from the coronavirus pandemic.”

“BOJ policymakers see little need to take further measures at this point following their actions in March.”

The next BOJ monetary policy meeting is scheduled on September 17, where it will publish its quarterly economic outlook report.

Market reaction

USD/JPY shrugs-off the above report, as the yen remains pressured by the risk-on mood on the European equities.

The spot was last seen trading at daily highs of 106.24, up 0.06% on the day. US NFP remains in the spotlight.

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