From the Wall Street Journal overnight, a good bit of background reading (bolding mine):

  • BOJ officials are becoming less confident in their outlook on exports (exports fell for a second straight quarter in the three months through June)
  • If exports stay listless or deteriorate further, it could force the bank to admit the failure to revive threatens to derail its rosy outlook on growth and prices, the BOJ could come under renewed pressure to add to its already massive stimulus measures
  • The BOJ’s policy board meets August 7-8 … whether exports recover in the July-September quarter “will likely be an issue of debate,” people familiar with the central bank’s thinking said

More at the link, its an ungated article: BOJ Beat: Exports Likely a Hot Topic at Coming Policy Meeting

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The BOJ adding to its QQE efforts further will be a negative input for the yen.