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The Bank of Japan (BoJ, the country's central bank) will announce its rate decision on Friday, October 30. Almost no one expects a change - the rate is expected to stay at 1.25%. All the interest lies elsewhere: what the regulator will say about December, where the market sees a hike with a probability of about 80%.
September Tokyo inflation came in above forecast across all key measures. Core CPI accelerated to 2.7%, while the measure excluding food and energy reached 3.0%. The yen responded with strengthening, and USD/JPY dropped below 158.00.
USD/JPY rose to 158.44, and the yen lost about 0.5% after the release of the Bank of Japan's summary of opinions. The market saw no signal in the document for a rate hike as early as October, and the absence of currency interventions further increased pressure on the yen.
