Minutes of the meeting of the Bank of Japan did not bring any surprises for the market. So, it was noted a significant impact of quantitative easing, which supported companies and consumer spending, geopolitical risks continue to affect the exchange rate. Moreover in the protocols was stated that the economy continues to recover at a moderate pace, despite the fact that Asian markets lose its momentum due to weak demand, especially in Thailand.
Positive for the economy also remains the sustainable consumption, which is due to the improvement in employment and income growth. We expect positive movement on the Japanese stock market, in case of devaluation of the yen, despite the fact that the markets are overvalued.