The Bank of Japan has recently published its meeting minutes. The report turned out predictable. The central bank expects the national economy to keep recovering at a moderate but steady pace, resting upon strong domestic and foreign demand.
The bank also expects the rate of inflation to stay around zero. Nevertheless, the central bankers are concerned over the high level of economic and political uncertainty currently seen around the globe. The eurozone debt crisis is obviously one of the key problems for the Japanese economy.
BOJ officials confirmed their intension to implement further rounds of bond purchases if necessary.
Forex.
According to , the Japanese Yen keeps strengthening against the US Dollar. The experts report that USDJPY is forming a downswing represented by wave А/В of level H8.
A further bearish move may have difficulty breaking and consolidating below 77.73, 77.60/55 and 77.35. The current bearish move will be completed as soon as the price overcomes the top of the MF sloping channel and consolidates above 78.28. (as shown below).
