Traders have warned that bond and currency markets face a week of turmoil as the Bank of Japan meets for the final time before a new governor is named and confronts intensifying pressure to abandon its yield curve control policy.
The two-day monetary policy meeting will take place on Tuesday and Wednesday. In the run markets are considering the ramifications of Japan finally moving away from the ultra-loose policies that have defined its 20-year battle with deflation and made it a global source of cheap funding.
The bank spent roughly 5 per cent of Japan’s gross domestic product defending its yield target in the last month alone.
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