Russian energy minister says Saudi Arabia proposed a 5% cut in output - reports

The Bank of Japan can be expected to keep its monetary policy unchanged when it meets tomorrow as policy makers believe that underlying inflation is improving. Thus no addition easing is likely to be seen tomorrow even though fall oil price and lower level of consumption continues to push inflation away from the central bank’s 2 per cent target. Four of the nine board members are against further expanding an already massive asset-buying program. The central bank’s QQE programme has done little in boosting inflation outlook.