The statements following the two-day meeting of the Bank of Japan's Policy Board, which concludes on Thursday, are likely to be dovish even if there is no additional loosening just yet. It has been clear for some time that several Board members have major doubts over the chances of reaching the 2% inflation target within the stated time horizon of "around two years". But the degree of dissent revealed at the last post-meeting press conference supports our view that the Bank will eventually ease policy much further.
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