Release Explanation: This report is supplied by the Bank of Japan. The Monetary Base includes all banknotes and coins in circulation plus all currency held as deposits by the Bank of Japan. As an official measure of the Japanese money supply, the Monetary Base will show the immediate impacts of monetary policy actions and can give an indication into the future direction of inflation. An expansion in the monetary base is generally inflationary while a decline will likely have the opposite effect.
 
Trade Desk Thoughts: The Japanese monetary base came in with a reading of 6.9 percent year over year in February. Banknote circulation in January was up 0.8 percent. Meanwhile, coins declined 0.1 percent.
 
Forex Technical Reaction: The Japanese yen has yet to move significantly after this release. The pair is currently at 98.45 which is just below the neutral pivot point which the pair has found as resistance since the start of the new day.