The Bank of Japan monetary policy meeting is today, Thursday, 21 July 2022.
- There is no firmly scheduled time for the Bank's policy statement after the meeting. Expect it sometime in the 0230 to 0330 GMT time window.
The past couple of meetings have brought high hopes of a change in policy from the Bank, notably it abandoning its yield curve control policy, its hand forced by markets. Bank of Japan Governor Kuroda stared down markets at those previous meetings, steadfastly refusing to cave in. Thus the Bank held policy unchanged.
Expectations of any change from the Bank at today's meeting are basically zero, Kuroda has reiterated, time and again, that there is no prospect of the Bank abandoning any tenets of its ultra-loose monetary policy any time soon. The Bank sees inflation as transitory and is not seeing any need to change policy.
Snippet preview via Scotia is along these lines:
The Bank of Japan will probably stay sidelined again on Thursday. The yen’s slide to the dollar from 115 in early March to just shy of 140 now has prompted some market participants to think that Governor Kuroda will blink and adjust the 10-year bond yield target of 0% and its upper ceiling of +25bps or pursue other measures. We’ve maintained that this is unlikely because the BoJ views inflation sparked by a weaker yen and imported oil price shocks as transitory in nature versus the kind of durable progress toward its inflation target that it seeks.
Yen is on the move this morning, a small move in past minutes:
