What’s next after the Bank of Japan decision
 The BoJ may offer some kind of forward guidance on the sustainability of the current QQE policy.
For the September meeting, we are not only questioning what it will do in terms of cooperation after reviewing the fiscal stimulus measures, but also the state of its basically meaningless 2% inflation target.
Today’s policy decision completely disappointed expectations, but the initial reaction of the USD/JPY was not that negative as the rate was also supported by the weaker demand for selling by hedgers after the recent rise. In addition to bank stocks rebounding on the postponement of expanding the NIRP, increasing ETF purchases pushed the Nikkei 225 up, which helped restrain yen appreciation.