RBS base case is for the BOJ to keep its asset purchases and new negative policy rate unchanged (70% probability) today. Key Quotes "The BoJ could cut its deposit rate further but will only have had limited time to assess its new policy (10% probability)." "The BoJ could also expand the amount of bank reserves facing its new 10bps charge from just ¥10trn (10% probability)." "Last, the BoJ could raise its ¥80trn a year of bond buying to show it hasn’t hit limits on its asset purchases (10% probability)." "We expect the BoJ to pause this month and instead ease on April 28 when it meets after the Federal Reserve next month." "Thus we would buy any post-meeting dollar-yen dip this month and target a move from 110-115 back to 115-120 in Q2’16." For more information, read our latest forex news.