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04:00 Japan BoJ Interest Rate Decision - 0.10% 0.10% 0.10%
04:00 Japan BoJ Monetary Policy Statement -
04:30 Japan All Industry Activity Index, m/m November +0.2% -0.3% -0.3%
07:30 Japan BOJ Press Conference -
The yen gained, reversing earlier losses, after the Bank of Japan (8301) announced open-ended asset purchases and adopted a 2 percent inflation target. The BOJ said it will buy about 13 trillion yen ($145 billion) in assets per month from January 2014, including about 2 trillion yen in Japanese government bonds and about 10 trillion yen in treasury bills. The move to double the inflation goal was forecast by 21 of the 23 economists surveyed by Bloomberg. Japanese Finance Minister Taro Aso said earlier today that the 2 percent inflation target would represent substantial progress.
Demand for the euro was bolstered ahead of German data forecast to show an improvement in economic sentiment. The ZEW Center for European Economic Research in Mannheim will probably say today its index of investor and analyst expectations, which aims to predict economic developments six months in advance, climbed to 12 this month, the highest since April, according to the median estimate of economists surveyed by Bloomberg. That compares with a reading of 6.9 in December.
In the U.S., sales of existing homes probably climbed 1.2 percent to a 5.1 million annual rate last month, the strongest since November 2009, according to the median estimate of economists polled by Bloomberg before the National Association of Realtors publishes the figures today. Another report this week may say new-home sales picked up to a 385,000 annual pace, the best showing since April 2010.
EUR/USD: during the Asian session, the pair rose to $1.3355.
GBP/USD: during the Asian session, the pair rose to $1.5860.
USD/JPY: during the Asian session, the pair traded in the range of Y88.90-Y90.15.
UK borrowing data due for release at 0930GMT, with CBI trends at 1100GMT providing domestic interest.
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