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28 Mar 2013
Forex Flash: Institutional BoJ survey results - Nomura
FXstreet.com (Barcelona) - Nomura Strategists have conducted a global client survey to understand what is expected for the first BoJ meeting since the leadership change and for the Yen.
They feel that it is important to gauge current expectations, as the BoJ is likely to change its monetary policy framework as early as next week. They see that The BOJ is expected to announce the consolidation of two JGB buying operations (APP and Rinban) and the scrap of banknote rule next week. Further, JPY10trn of additional asset purchases are expected in 2013, with increase of the duration of JGB purchases to 10y, are expected to be announced. Finally, they note that investors see more upside in USDJPY and their positions are still tilted toward USDJPY long.
They feel that it is important to gauge current expectations, as the BoJ is likely to change its monetary policy framework as early as next week. They see that The BOJ is expected to announce the consolidation of two JGB buying operations (APP and Rinban) and the scrap of banknote rule next week. Further, JPY10trn of additional asset purchases are expected in 2013, with increase of the duration of JGB purchases to 10y, are expected to be announced. Finally, they note that investors see more upside in USDJPY and their positions are still tilted toward USDJPY long.