Japanese CPI data not expected to provide much clarity on potential for a July BOJ move

Earlier this week we had the minutes of the Bank of Japan April meeting:

There was nothing in the minutes to suggest an imminent reduction in easy policy and indeed last Friday’s June meeting showed the same:

Comments from BOJ officials and Governor Ueda are along the same lines.

Goldman Sachs economists, though, do expect an adjustment to the Yield Curve Control (YCC) in July.

Today we get CPI data for May from Japan, The Tokyo-area data out a few weeks ago indicated still elevated levels\ of inflation (elevated levels for Japan that is):

We’ll be likely to hear comments out of Japan on the data after. I’ll be tuned in to listen for clues of what we might expect from the BOJ in July (the meeting is July 27 and 28). My hopes for clarity are not high though.

This article was written by Eamonn Sheridan at www.forexlive.com. Source