Japanese Monetary Policy Meeting Minutes

Release Explanation: The Bank of Japan is releasing their monetary policy meeting minutes. They are a detailed record of the banks interest rate meeting. This can give valuable clues to traders as to what may be coming from the Bank of Japan.

Trade Desk Thoughts: The Bank of Japan has stated that it is still concerned over the instability seen in the U.S. banking and finance sector, as well as how it will affect the global economy. The U.S. slowdown is drastically affecting the Euro zone economy and that presents major downside risks to the Japanese economy. Although the bank did state that their inflation worries are beginning to ease somewhat while their monetary policy conditions remain loose.

Forex Technical Reaction: The Japanese yen is holding just below its 50 day SMA at 106.90 which also closely corresponds to the neutral LFB pivot point.

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