The Japanese yen tumbled and bonds notched their biggest rally in two decades on Wednesday after the country's central bank stuck to its ultra-easy monetary policy, defying expectations that it would start phasing out its massive stimulus programme.
European markets are set to open slightly higher, with the pan-region Euro Stoxx 50 futures rising 0.3%. S&P 500 futures and Nasdaq futures were both up 0.1%.expected the BOJ to maintain its ultra-easy policy at the meeting.
"For sure, the BoJ will have its hands full in the JGB market in coming weeks, but with no new forecasts at the March meeting, speculators in both JGBs and JPY should cool their heels a little and adjust their expectations." "I guess Kuroda has sort of done the groundwork with widening the band in December, He's done the groundwork for the new governor to get on board and take it from there."Just a month ago the BOJ shocked markets by doubling the allowable band for the 10-year JGB yield to 50 basis points either side of 0%. The change emboldened speculators to test the BOJ's resolve
A survey of global fund managers by BofA Securities out on Tuesday showed that expectations of further appreciation in the Japanese yen in January were the highest in 16 years.
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