Bank of Japan's Governor Haruhiko Kuroda firmly believes what he cared to utter in April this year (that he will buy 7 trillion yen worth of Japanese Government Bonds and other securities per month) should be good enough for anyone, and he and his company stuck to the line in the BOJ meeting on August 8, 2013.
The stock market, infinitely wiser, even if in its heavily manipulated state, than Mr. Kuroda, heads south in the afternoon market. It ended the day at 13,605, down 219 from yesterday's close and reversing the 200 point gain at one point. The forex market reacted similarly, pushing yen higher against US dollar on expectation that there will be no added easing announced by Kuroda.
Economists and analysts, on the other hand, seem to have learned not to expect much from Kuroda any more. Kuroda has said what they expected him to say. Or rather, Kuroda has said what they say they expected him to say.
Here's what Kuroda and company did in today's meeting, according to Bloomberg News (8/7/2013):
Bank of Japan Refrains From Adding to Unprecedented Stimulus
The Bank of Japan refrained from adding to unprecedented monetary stimulus after consumer prices rose in June and a recovery in the world’s third-biggest economy maintained momentum.
Governor Haruhiko Kuroda’s board stuck with an April pledge to expand the monetary base by 60 trillion yen to 70 trillion yen ($723 billion) per year, a statement released in Tokyo today showed. All 26 economists in a Bloomberg News survey predicted the decision.
...The bigger focus may be Kuroda’s press briefing today and any comments he makes on the sales tax, Masamichi Adachi, a senior economist at JPMorgan Chase & Co. in Tokyo and a former BOJ official, said before the decision.
(Full article at the link)
And did Kuroda say anything about the sales tax?
If this intraday chart of Nikkei on August 8, 2013, if he did say something, he must have said the sales tax hike should be carried out as scheduled, and that there would be no effect on the growth of the Japanese economy (which he already said about a week ago).