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The BOJ (Bank of Japan) held their meeting and issued the statements this morning. The forex market had high hopes for this meeting but the BOJ let them down once again. They increased their QE (quantitative easing) programme to 6 trillion Yen a year from 3.3 trillion previously and that will take place only through  EFT (exchange traded funds) buying. Tha´s just below 60 billion Euros a year. It looks too small compared to the 90 billion Euros that the ECB worth of assets buys in a month. 

USD/JPY declined about 300 pips overnight

The base money target remains the same, the same as the interest rates. There will be no change in government and corporate bonds either. That´s what disappointed the market. There´s not a clear line whether the forex market was over expecting or the BOJ under delivered, but as I said in the last update yesterday it takes two to tango. I also pointed out that the BOJ had to exceed themselves today in order to meet the market expectations. Well, they didn´t and here we are. 

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