February's Bank of Japan (BOJ) meeting should be less action-packed than January's, which saw unprecedented steps to revive a weak economy. Still, the meeting is important, especially as the central bank prepares to usher in a change in its top policy makers, analysts say.
The BOJ concludes a two-day meeting on Thursday, the same day that Japan is scheduled to release fourth-quarter GDP data.
Last month, the BOJ adopted a 2 percent inflation target and pledged to carry out an open-ended asset purchase program from next year, bowing to pressure from Japan's new Prime Minister Shinzo Abe to adopt an aggressive monetary policy to end years of deflation.
Abe's radical new economic policies, referred to as "Abenomics," and expectations of a bold monetary policy have weakened the yen 21 percent against the dollar since mid-November, while Japanese shares have surged almost 31 percent.
According to Martin Schulz, senior economist at Fujitsu Research Institute, further action from the BOJ is unlikely until April.
"The top three governors are on their way out and it is only the first month since they announced the big package in January," he said. "Markets are forward looking and they will be focusing on the new board coming in. I expect it will not be until April that we see further asset purchases."
Yusuke Ikawa, rates strategist at RBS Securities in Japan, also ruled out imminent action from the BOJ and said uncertainty over who will be the next central bank governor could cause market volatility in the short term.
BOJ Governor Masaaki Shirakawa took markets by surprise last week by announcing that he would step down on March 19, the date set for the departure of two of the BOJ's deputy governors and three weeks before his five-year tenure ends in April.
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"At the moment the market only knows that Shirakawa will not be appointed as governor, and nobody knows who will be the next governor. This is a big uncertainty overhanging markets and markets will be volatile until the final decision on the next BOJ governor is made," Ikawa said.
Names put forward as possible candidates to replace Shirakawa include president of the Japan Center for Economic Research Kazumasa Iwata, chairman of the Daiwa Institute of Research Toshiro Muto and Asian Development Bank President Haruhiko Kuroda. Iwata and Muto were both former deputy governors between 2003 and 2008.
"Attention has shifted to the new regime. The market consensus seems to be that Muto - who is one of the milder candidates as opposed to the more dovish Kuroda - will be appointed, and I doubt there will be a surprise there," said Izumi Devalier, an economist at HSBC.
"However, the announcement of a name alone will not resolve the uncertainty. The focus will be the two April BOJ meetings, including the publication of the semi-annual report on April 26, when the board will lay out its views on growth and prices," she added.