Post-ECB market calm gives Japan central bank room to keep policy steady

TOKYO - The European Central Bank’s decision to hold off on immediate policy easing likely heightens the chance the Bank of Japan will stand pat next week, too, using words rather than action to signal its readiness to fend off growing global risks to the economy.

The ECB likely eased some of that concern at Thursday’s meeting, when it signaled the chance of a rate cut in September but held off on doing so immediately. Some analysts expect the BOJ to tweak forward guidance - or a pledge central banks make on future policy moves - and commit to keeping ultra-low rates longer than it does now. It is also expected to maintain its massive asset buying program.

“Whether the BOJ will tweak forward guidance next week is a close call,” said Shigeto Nagai, a former BOJ official who is currently head of Japan economics at Oxford Economics.

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What to watch today: Busy earnings day, ECB policy decision, and House votes on budget billU.S. stock futures were pointing to a slightly higher open on Wall Street this morning, following record closes for the S&P 500 and Nasdaq.
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