TD Securities' analysts note that as widely expected there was no change to BoJ policy, in a 7-2 vote.

• “They left the 10y yield target at about 0%, maintained policy balance rate at -0.1%, asset purchases were unchanged and likewise there was no change in forward guidance. However, the statement sounded cautious, highlighting “significant” downside overseas economic risks including developments in China, noting the need to pay close attention to the impact on sentiment.
• We don’t see a hurry for the BoJ to shift policy despite the Fed’s dovish although Kuroda recently highlighted several options for action. There may be a slight disappointment that BoJ did not alter its forward guidance.”