The meeting that sets Japan's policy rate. It moves USD/JPY a lot and is the big event closest to home for people in Japan.
Japan time (JST, winter)Around noon (time not fixed)
Japan time (JST, summer)No daylight saving time
Importance★★★
Frequency8x/year
Release date8 times a year, on day 2 of a 2-day meeting (Governor's press conference 15:30)
Released byBank of Japan (BOJ)
1A 30-second chat
JUDITHWhen does the BOJ announce its decision?
JADEThat's the tricky part. The time of the decision isn't fixed. It's often around noon, but it comes later when discussions run long
JUDITHSo you never know when it'll come?
JADERight. So on day 2 of the meeting, be ready for sudden moves from the morning. The market often moves again at the Governor's press conference from 15:30
2Just check this
1
Policy rate
Hold or hike. Japan had zero rates for a long time, so even one hike gets a lot of attention
2
Governor's press conference (15:30)
Hints about the pace of future hikes. USD/JPY often moves a lot during the press conference
3
Outlook Report
The outlook for prices and the economy, released at the January, April, July and October meetings
3How does the market move?
Price moves on the size of the gap vs. forecast, more than on whether the result is good or bad
▲ More hawkish than expectedHawkish(leaning toward hikes)→ Stronger yen(USD/JPY ↓)tends to follow
▼ More dovish than expectedDovish(cautious on hikes)→ Weaker yen(USD/JPY ↑)tends to follow
These are common patterns. Depending on the news at the time, price can move the other way.
The direction is different every time. Right after the release, price can swing either way.
4Prop firm watch-outs
The BOJ has no fixed announcement time, so you can't simply "avoid the moment right before the release." If you trade USD/JPY on day 2 of the meeting, it's safer to use a smaller lot size or not open new positions until the result is out.
FUNDED7 rules:Holding trades through a release is allowed, but opening a new large position right before a release is a no-go (Official FAQ)
Daily loss line:5% of the previous day's closing balance. Unrealized losses count too (Official FAQ)
The rules for not failing on data release days are in the illustrated rulebook Add us on LINE to get the rulebook and getting-started guide for free. We also hold a free Zoom intro session for beginners every Friday from 22:00