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Asia session recap & ranges

Posted by Akhilesh Ganti on Feb 13, 2013 10:45:00 PM

As expected the BOJ left its monetray policy unchanged (between 0% - 0.1%) and asset buying at 10 trillion while slightly upgrading its assessment of the economy which was a bit of a surprise given the GDP figures that came out earlier today. USD/JPY has not reacted much to this yet as we await the BOJ press conference and the rest of the majors are trading quietly within their session defined ranges. The approaching G20 meetings are taking on added importance as the markets seem to expecting some definitive policy statements to emanate from them.  

Here are the main bullet points of the BOJ statement (from MNI):

-- BANK OF JAPAN BOARD VOTES TO KEEP RATE AT ZERO TO 0.1% (unanimous)
-- BOJ: JAPAN ECONOMY APPEARS TO HAVE STOPPED WEAKENING
-- BOJ: OVERSEAS ECONOMIES HAVE SHOWN SOME SIGNS OF PICKING UP
-- BOJ: DROP IN JAPAN EXPORTS HAS BEEN MODERATING
-- BOJ: JAPAN INDUSTRIAL OUTPUT APPEARS TO HAVE STOPPED FALLING
-- BOJ MIYAO PROPOSES TO KEEP EASY POLICY UNTIL 2% CPI IN SIGHT
-- BOJ MIYAO PROPOSAL VOTED DOWN BY OTHER BOARD MEMBERS

021413

 

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