We expect the two-day meeting of the Bank of Japan’s Policy Board to conclude this Thursday (14th) without any major policy initiatives. A weak Q4 GDP figure might still prompt the Board to add another ¥10 trillion to the asset purchases scheduled for this year, which would be a timely reminder that monetary policy has been pretty dovish under Governor Shirakawa. However, with the Governor and his two Deputies now all due to depart next month, the Board will probably be happy to sit on the sidelines until the new leadership team is in place.
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