11 Jun 2013
Flash: BOJ kept its stance - TD Securities
FXstreet.com (London) - Research teams at TD Securities explained that the BOJ kept its monetary policy stance unchanged.
BOJ Raise Growth Estimates
Research teams at TD Securities explained that the BOJ kept its monetary policy stance unchanged and raised its growth assessment as expected, but the statement made no mention of any measures to address recent market volatility, as speculated by most analysts prior to the meeting.
USD/JPY shaken but not stirred
They said that this led to a kneejerk one big figure drop in USDJPY to 97.80, before the pair subsequently recouped about half of that loss (but still 0.6% higher than the overnight trading range). They added that the Nikkei, which had treaded water in the morning session, was trading 1.5% lower post BOJ. Across the region, equity markets had sold off despite neutral offshore leads, with the exception of the ASX200 (+0.4%), catching up on Friday’s positive US payrolls after a market holiday. The overnight sell off in US Treasuries, which was unlikely to have resulted from the S&P’s US outlook upgrade from ‘negative’ to ‘stable’ overnight has led to rises in yields and sharply steeper curves across Asia.
BOJ Raise Growth Estimates
Research teams at TD Securities explained that the BOJ kept its monetary policy stance unchanged and raised its growth assessment as expected, but the statement made no mention of any measures to address recent market volatility, as speculated by most analysts prior to the meeting.
USD/JPY shaken but not stirred
They said that this led to a kneejerk one big figure drop in USDJPY to 97.80, before the pair subsequently recouped about half of that loss (but still 0.6% higher than the overnight trading range). They added that the Nikkei, which had treaded water in the morning session, was trading 1.5% lower post BOJ. Across the region, equity markets had sold off despite neutral offshore leads, with the exception of the ASX200 (+0.4%), catching up on Friday’s positive US payrolls after a market holiday. The overnight sell off in US Treasuries, which was unlikely to have resulted from the S&P’s US outlook upgrade from ‘negative’ to ‘stable’ overnight has led to rises in yields and sharply steeper curves across Asia.