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Media reports spread rumours yesterday that the BoJ currently does not consider an extension of its expansionary monetary policy to be necessary. Instead it would prefer to wait a little longer to get a clearer idea of the economic outlook.
The JPY hardly reacted at all to the news which is due to the fact that analysts' consensus only expect an extension of the bond purchasing program during the meeting in late October rather than at next week's meeting anyways. The really interesting data, the consumer price data, will only be published on 30th October, the day of the meeting.
"The comments suggest that the BoJ may wait even longer before easing its monetary policy again. If it does not want to see that things are not looking good for its inflation target and the economy then I am not sure how any data will convince it in the coming 4 weeks", says Commerzbank.
