Bank of Japan meeting over, here's the announcement

  • BOJ keeps monetary policy steady, maintains 80 trln yen base money target and 0.1 pct negative interest rate
  • Says vote on monetary base target was 8-1
  • Says vote on negative interest rate was 7-2
  • Board member Kiuchi opposed decision on monetary base target
  • Kiuchi proposed 45 trln yen base target, proposal defeated by majority vote
  • Says Japan's economy continues to recover moderately as a trend, keeps assessment unchanged from April
  • Cuts view on CPI
  • Raises view on public works investment, housing investment
  • Says CPI likely to be slightly negative or about 0% for time being
  • Pace of decline in public works investment has slowed
  • Housing investment has resumed its pickup

Quick Headlines via Reuters

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Full text of statement

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OK, we just had, not more than a few minutes ago Japan chief cabinet secretary Suga: Sudden moves in FX markets are undesirable

  • Recent forex moves rapid, speculative
  • Rapid FX moves undesirable
  • Will watch FX markets closely, take steps if needed

Well, how about it Suga?

USD/JPY just dropped 150 odd points ... is that not sudden?

I have been reluctant to jump on the imminent intervention bandwagon, and indeed it hasn't happened.

But ... if the Japanese administration are serious they'd better try something otherwise one-way movement will keep on going.