Probably not telling you something you don’t already know … but the Bank of Japan (BOJ) finish their two-day meeting today with an announcement at a time no-one knows in advance.
That’s right, the announcement comes when the announcement comes. I wrote this a month ago, and it still applies:
- There is no scheduled time for a BOJ announcement after their policy board meeting, announcements are made when the BOJ meeting finishes. There is, however, a window during which we can expect it, 0230 to 0400GMT has been about right recently. The more there is for discussion and debate at a meeting, the later the announcement will come. While there is no change in policy expected at all today, there is plenty for discussion at the meeting re the future course of policy and if/when there will be more easing. This is looking increasingly likely (to me) as the Japanese economy has slowed.
The August announcement came just after 0300GMT: Bank of Japan (BOJ) announcement: Retains plan for 60-70tln yen annual rise in monetary base
I reckon around then is a reasonable time to expect today’s announcement.
What are they gonna announce? I reckon a big fat zero is about right … no change … though I’ll be keeping an ear open this morning for any expectations from the banks.
