Leaves the YCC in place, at -0.1% for the short term and “around 0%” for the 10 year rate

  • Maintaining the purchase target of “about” ¥6tn/year ET
  • MAintains JGB yearly buying target at 80 trln JPY
  • Same dissenter Kataoka as previous
  • BOJ Monetary statement
  • Outlook for Economic Activity and Prices GDP forecasts
    -Raises FY17/18 GDP growth outlook from 1.8% to 1.9%
    – Affirms FY18/19 GDP growth outlook from 1.4% to 1.4%
    – Affirms FY19/20 GDP growth outlook from 0.7% to 0.7% CPI Forecasts
    – Cuts FY17/18 core CPI outlook from 1.1% to 0.8%
    – Cuts FY18/19 core CPI outlook from 1.5% to 1.4%
    – Affirms FY19/20 core CPI excluding effect of consumption tax hike from 1.8% to 1.8%
  • BOJ Outlook report
  • We are expecting the present and most likely also next Governor of the Bank of Japan, His Royal Steadiness Mr Kuroda’s press conference in about 3.5 hours time
  • The JPY, which was in a bit of a lift against the USD and keeping its ground on the crosses front, moves very little at 113.15 vs USD and 131.65 vs EUR initially
BOJ Haruhiko Kuroda

BOJ Haruhiko Kuroda: “I’m feeling great in this seat”

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