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Talking Points:

• USDJPY shows tepid reaction after BOJ’s November meeting minutes crossed the wires
• The transcript was overshadowed by last week’s BOJ monetary policy announcement

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The Japanese Yen showed a limited response against the US Dollar after the Bank of Japan released its November meeting minutes. Most central bank members noted that the inflation trend is improving steadily and that CPI is likely to remain at 0 percent for the time being. The transcript is tied to Bank of Japan’s November monetary policy announcement which has essentially been expired.

Last week, we had a fresh Bank of Japan monetary policy meeting in which the central bank announced several dovish actions. At the same time, the BOJ kept the annual rise in the monetary base unchanged at 80T Yen. This puts the focus on the release of December’s meeting minutes which are due on February 3rd 2016.

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