Today was published a statement of the Bank of Japan on monetary policy, in which was noted saving of the parameters of monetary policy unchanged, which was expected by most experts. In addition, the statement noted that inflation will reach the target level of 2% in the second half of 2016 if oil prices recover. Weak data on GDP growth in the third quarter point to a slow pace of economic recovery, due to the reduction in inventories. Impact of terrorist attacks in Paris was limited. Given the expectation of monetary tightening in the US, we expect a further fall in the price of the Japanese yen by 3-5% until the end of the year.