When is BOJ minutes statement and how could it affect the USD/JPY?

Early on Wednesday morning in Asia, 23:50 GMT on Tuesday for the rest, the Bank of Japan (BOJ) will release monetary policy minutes of its latest meeting.

With the BOJ’s latest buying of the JPY70.1 billion ($637.3 million) worth of exchange-traded funds (ETF), its first purchase since April 21, details of the latest meeting become the key for USD/JPY traders. Also important to look into the minutes will be the details of the pandemic relief program extension and what’s the Japanese central bank’s outlook for the future amid tapering talks elsewhere.

Will the minutes’ statement support BOJ’s status quo?

Most market consensus favors the BOJ minutes to become a non-event considering the central bank’s readiness to ease the monetary policy. Though, any major differences between the policymakers considering the easy monetary outlook could signal a shift in the Japanese bank’s future actions.

In his post-monetary policy meeting press conference, Governor Haruhiko Kuroda said, “Inflation expectations are moving sideways,” which in turn highlights price pressure for the watchers.

How could it affect USD/JPY?

USD/JPY remains sidelined around 110.65 ahead of the event, after the risk-on mood favored bulls the previous day. While the BOJ minutes are less likely to offer any meaningful direction to the pair, any mentions of price pressure and signals of economic drawdown amid emergencies in major prefectures could test the quote’s latest upside. However, plans of further relief and rejection to the tapering may help the pair keep the recent upside momentum.

Technically, a two-month-old ascending trend channel keeps USD/JPY buyers until the quote stays beyond 109.60. However, the 111.00 threshold guards the immediate upside.

Key notes

USD/JPY Forecast: Approaching this year’s high, bullish

BOJ keeps monetary policy steady in June, extends pandemic-relief programme

About BOJ Monetary Policy Meeting Minutes

The Bank of Japan publishes a study of economic movements in Japan after the actual meeting. These meetings are held to review economic developments inside and outside of Japan and indicate a sign of new fiscal policy. Any changes in this report tend to affect the JPY volatility. Generally speaking, if the BoJ minutes show a hawkish outlook, that is seen as positive (or bullish) for the JPY, while a dovish outlook is seen as negative (or bearish).

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.

Feed news

Latest Forex News

Latest Forex News

Editors’ Picks

EUR/USD hovers around 1.1900, retains weekly gains

The EUR/USD pair trades around the 1.19 mark after the Eurozone Q2 Prelim GDP beat estimates with 2% while US PCE inflation rose by less than anticipated in June, printing at 3.5% YoY. Risk-on mood persists.


GBP/USD retreats after flirting with 1.4000

GBP/USD retreated from near the 1.4000 level, but the greenback remains away from investors' radar. Optimism over the Brexit issue and the declining trend in new COVID-19 cases in the UK offers support to the pound.


XAU/USD slides to $1,820 area, downside seems limited

Gold traded with a mild negative bias around the $1,825 region, or daily lows, during the early North American session, albeit lacked any follow-through selling.

Gold News

Shiba gets listed on eToro as demand for SHIB skyrockets

Leading investment platform eToro has been adding cryptocurrency assets on popular demand from users. The Dogecoin killer recently amassed 600,000 holders despite range-bound price action. 

Read more

NIO shares rise again as Wall Street shrugs off recent China woes

NYSE:NIO added 1.86% as EV and China stocks bounced back again. Nio rides higher as industry leader Tesla gets some major upgrades. Nio rival XPeng releases a refreshed look for its compact SUV.

Read more