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 members stated that the recovery may take longer than expected but that a drop in oil prices could spur demand. They also stated that the turmoil in the financial markets could intensify the impact on the economy. The members also reported that the liquidity conditions in the U.S. dollar funding markets had deteriorated significantly worldwide.

Forex Technical Reaction: The yen has bounced off TheLFB S1 at 98.69 after the monetary policy meeting minutes and M2 money stock .

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