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 BoJ Increase Purchases

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Posts : 8759
Join date : 2012-01-25

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PostSubject: BoJ Increase Purchases   BoJ Increase Purchases Icon_minitimeTue Oct 30, 2012 11:26 am

BoJ Increase Purchases


Risk appetite was subdued mainly due to the spillover effects of hurricane Sandy. With news flow light and equity markets closed (also planned to be shut down today) traders kept to the sidelines. Brent crude edged down near $109 a barrel as investors watched for any negative impact on markets from Hurricane Sandy. Asian regional indices were mixed with the Nikkei lower -0.98%, Hang Seng down -0.53 while Shanghai bucked the trend, up 0.17%. EURUSD gained some ground in overnight (due to the BoJ decision) climbing to 1.2941, however the pair continues to trade with a heavy bias. With some Europe focused events and data (Spanish budget, Italian bond auction and German unemployment) we should get some directional price action rather than drift. That said, EUR held up very well to weak data and negative news flow as we suspected. In Japan, the much anticipated BoJ rate decisions failed to debase the JPY as much as projected. The BoJ voted to keep rates on hold at 0-0.1% and increased asset buying and lending program 11trn to 91 trn. While the adjustment was sizable, most of the move was already priced in and there was a general sense of disappointment. The purchases will be spread between T-bill purchases (slightly less than 50%), and ETFs, corporate debt. The initial knee jerk reaction in USDJPY was higher but as the detail emerged including the fact that spending would be spread out over the next year the pair fell to 79.28 low in short covering. It’s important to note that since the inception of the BoJ asset purchase program, the JPY generally weakens on the outset but consequently strengthens in the days after. Ahead today, markets will pay attention to ECB President Draghi's speech and data releases in the US.
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