BOJ presser deets out now
- Japanese economy on track, moving in line with BOJ forecast
- expects G20 to discuss EM developments and global economy
- US economic recovery will help EM economies in long term
- GDP data confirmed Japan’s economy sustaining positive momentum
- expansion of loan facilities today aimed at enhancing transmission mechanism of QE
- not worried by deficit in Japan’s current account balance
- consumption likely to stay firm as a trend as jobs, income conditions improve
- expect Japan’s current account to improve as exports gradually improve
- expects output gap to narrow and eventually turn positive, help push up prices in Japan
- weak Q4 external demand likely due to rise in imports, reflecting strong domestic demand
- BOJ do not expect external demand to keep falling sharply
- no change to view on overseas economies from previous month’s meeting
- will continue to buy JGBs flexibly at a monthly pace of between 6-8 trln yen
USDJPY down to 102.48 from 102.61 but nothing of note that I can see in this latest regurgitation
