Source to rely on for BOJ

Reuters was first with every twist and turn on the Bank of Japan’s shifting attitude toward the weakening economy and yen strength ahead of its emergency meeting on Monday, Aug 30. Reuters tapped sources to break news on Sunday that the long-rumoured policy meeting was indeed scheduled for the next day. The critical news break was the latest in a string of scoops. As speculation swirled about what action Japanese policymakers would take as the yen surged through 85 to the dollar, Reuters was alone in reporting that central bankers at first were in no mood to hold an emergency meeting. After the yen`s renewed rise to a 15-year high on Aug 24, Reuters exclusively reported a shift in mood within the central bank on how to respond to the market volatility, and that chances of a policy shift before its September rate review were rising. This report caused considerable excitement in the JGB and yen markets and was only matched the next day by competitors. Then we broke news that an emergency meeting would be held, where the bank eased loan conditions to tackle a soaring yen. No other news service provided such exclusive news breaks.