Preview of the Bank of Japan policy meeting this week - no change to policy expected

The BOJ monetary policy statement will be announced on Wednesday 15 July

• the Bank's quarterly outlook will be published also 
• There is no scheduled time but its likely some time in the 0230 to 0330 GMT window
• Bank of Japan Governor Kuroda press conference will follow at 0630GMT

• key focus will be Governor Kuroda's press conference
• At the meeting on 16th June, Kuroda stated that super-long JGB yields weren't high compared to other nations - that was taken as a hint of the BoJ seeing scope for the upside for long-term yields. 
• The 30-year jumped from 0.53% up to 0.65% in early July before correcting lower but remains higher than before that meeting. The curve has steepened but could flatten further if Kuroda was to play down this comment next week. 
• That's unlikely to have much impact on the yen though. The shrinking cost of hedging foreign bond purchases will undoubtedly lead to increased hedging in the current global climate which will help support JPY. Offsetting that might be some deterioration going forward of Japan's current account surplus