BoJ on the cards today: what's in store? - Westpac

Analysts at Westpac noted that the Bank of Japan reviews monetary policy today (no fixed time but usually early afternoon Sydney time – recent announcements were in the 1:30-2:30pm Syd window). 

Key Quotes:

"No change is likely in the key policy settings: a benchmark -0.1% deposit rate, “around” 0% yield on the 10 year government bond and an annual JPY80 trillion expansion in bond holdings."

"The latter pace has not been reached for some time, because the BoJ simply doesn’t need to buy so many bonds to keep the 10 year yield near zero. It makes sense for the BoJ to drop this guidance and this quarterly “Outlook” meeting with fresh forecasts would be a suitable time. But to do so could spark a sharp rise in the yen and muddy the policy messaging, so it remains only an outside chance."

"There is plenty of data to watch too. Japan releases several reports well before the BoJ announcement, including Tokyo Apr CPI and Mar industrial production."