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Bank of Japan Watch

Bank of Japan Watch

Asset purchases to remain low but rates on hold

At its June meeting we think the Bank of Japan may extend the deadline on its emergency lending facility from September to December. Beyond that point, it should further taper its purchases of short-dated debt as it digs in for a prolonged hold.

11 June 2021

Bank of Japan Watch

Bank preparing for prolonged hold

After tweaking a range of policy measures in March, the Bank of Japan will keep policy settings unchanged in April. By addressing the side effects of ultra-loose policy, the Bank has set the stage for a prolonged period of inaction.

20 April 2021

Bank of Japan Watch

Bank likely to defer widening of tolerance band

The pendulum seems to have swung back against the Bank of Japan making any changes to its yield target next week or indeed any major changes at all. That is most likely because the Bank doesn’t want to risk triggering an adverse market reaction when the economic recovery from the pandemic is still ongoing. The idea is likely to return when the economy looks more secure.

11 March 2021
Latest Publications

Bank of Japan Watch

Bank unlikely to ease more in response to virus wave

The Bank of Japan is unlikely to respond to the worsening virus outbreak with additional stimulus. However, policymakers may provide some hints at the upcoming meeting about what to expect from the policy review due in March.

14 January 2021
Japan
Growth
Monetary policy
Bonds (NEW)

Bank of Japan Watch

Bank to extend lending programmes

With the ongoing wave of infections in Japan the most severe yet, the Bank of Japan will probably extend its lending facilities beyond March 2021 at the upcoming meeting. But we don’t expect it to change interest rates for the foreseeable future.

10 December 2020
Japan
Monetary policy
Quantitative easing
Bonds (NEW)
Macro (NEW)
Monetary Policy (NEW)

Bank of Japan Watch

Bank to maintain expansionary status quo

The Bank of Japan may revise down its GDP growth and inflation forecasts slightly at the upcoming meeting. However, we doubt it will respond with additional policy easing. Its assets are already expanding at a pace that is very high by international standards.

21 October 2020
Japan
Monetary policy
Quantitative easing
Macro (NEW)
Monetary Policy (NEW)

Bank of Japan Watch

Rate cuts still a remote scenario

The Bank of Japan will leave policy settings unchanged at the upcoming meeting. And while the frontrunner to be the country’s next prime minister has indicated that he sees scope for further stimulus, we doubt he will pressure the Bank to introduce additional interest rate cuts.

9 September 2020
Japan
Monetary policy

Bank of Japan Watch

BoJ to stay the course

The Bank of Japan is likely to leave policy settings unchanged over the coming months as strains on financial markets have eased and loan demand has started to slow again.

8 July 2020
Japan
Monetary policy
Quantitative easing
Macro (NEW)
Monetary Policy (NEW)
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