Focus on the Bank of Japan's monetary policy stance, with key economic indicators due at home and abroad

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Among the major economic indicators to be released from July 27 to 31, the Bank of Japan's monetary policy meeting will be the biggest focus. The BOJ policy rate, expected to be announced around noon on the 31st, is widely seen being held steady at 1.00 percent. Attention will be on whether the simultaneous release of the Outlook Report and Governor Ueda's press conference will hint at the timing of additional rate hikes. If a proactive stance toward early rate hikes is indicated, yen buying could strengthen; if no specific timing is given, yen selling may intensify. Elsewhere, on the 29th, Australia's June consumer price index is expected to accelerate to a year-on-year increase of 4.4 percent, which will influence expectations for further rate hikes by the Reserve Bank of Australia. On the 30th, the Bank of England's policy rate announcement is expected to hold steady at 3.75 percent, while in the United States, the advance estimate of April-June quarter GDP is forecast at an annualized quarter-on-quarter increase of 2.3 percent, and the PCE deflator is seen rising 3.6 percent year-on-year, likely affecting the Federal Reserve's policy outlook.

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