Instant View: Bank of Japan keeps rates steady, tweaks JGB buying plan
- The Bank of Japan kept its short-term rates steady on Friday while removing a reference to the amount of government bonds it has roughly committed to buying each month.
"The BOJ stayed dovish at its meeting by making no changes to interest rates or its QE-purchases of bonds. The decision supports Japan's equities and bonds, but provides little help for the yen.""Despite the knee-jerk dip in USD-JPY, the direction of travel for the pair is still north. Intervention risks become salient once the pair closes in on the 157-level, which may be a reason deterring more market participants from chasing USD-JPY higher.
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