BOJ press conference begins at 0630 GMT (3:30 pm in Tokyo)
A mess of confusion and headlines followed the BOJ decision. Yours truly was caught up in it as USD/JPY raced to 123.50.
There is some marginal new easing here but it's not as big as it seems. USD/JPY was at 122.50 before the decision and at 122.15 now.
The bottom line for me is that this is still unexpected easing and a maturity extension. You can argue that the 6-3 vote makes it tough to ease going forward but it definitely doesn't show that Kuroda is afraid to push something through.
Let's see what he has to say.
