Analysts at TD Securities suggest that the Bank of Japan (BoJ) could be moving towards strengthening its forward guidance, following a likely Fed rate cut, but they think the Japanese regulator will be more patient than other major central banks.

• “The BoJ has sounded more dovish of late, highlighting downside risks from weaker external demand while keeping their options open to further easing should the economy lose momentum. So far that has not been the case, with data over recent weeks such as industrial production, holding up well although there has been some softening in the Tankan.”