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Analysts at TD Securities note that the Bank of Japan surprised no-one when it maintained its policy balance rate and 10y yield target at -0.1% and 0% respectively, and left its asset purchase program unchanged.

Key Quotes                

“The bank also downgraded its view on the economy, including its assessment of exports, industrial production and overseas economies.”

“Deputy Governor’s speech focused on leverage in the economy and argued for Bank stress testing, however the speech did not shed more light on the Bank’s outlook.”