Yep, the Bank of Japan monetary policy meeting is today and continues tomorrow. The announcement should come around 0230-0300GMT tomorrow (15 March 2016), there is no set time.
- Bank of Japan (BOJ) Governor Kuroda will give a news conference following, at 0630GMT
Expectations are nearly unanimous that the BOJ will not change policy at this meeting, an 'on hold' decision
- Asset purchase to remain at 80tln yen per annum
- Negative rates at -0.1% to excess balances held at the BOJ
When I say 'nearly unanimous', that 'cause there are expectations that more action could indeed come tomorrow. The inflation target (2%) is still a long way off (indeed, even the BOJ's own measure of inflation fell last month, from 1.3% in January to 1.1% in February) ... which means some analysts are saying anything could happen at this meeting (i.e. more easing).
An ECB-style move of cutting negative rates further is a possibility, more likely say some analysts than a boost to the monetary target or an increase in JGB purchases. Not so, say others; the hostile reaction to negative rates in Japan will need time to blow over, and its more likely we'll get further action in say, April, when the bank updates its outlook report.
Press conference at 0630GMT on 15 March 2016. Pen chewing optional, greying hair probably not.
