The Bank of Japan’s Policy Board two-day meeting, which concludes on Tuesday (10th), has been made more interesting by two recent developments: the disappointingly weak Tankan survey and another spike in political pressure for further easing. But while we continue to expect at least one and probably two more increases in the size of the Asset Purchase Program (APP) later this year, next week still seems too soon after the earlier-than-anticipated move in February and ahead of the publication of updated economic forecasts at the second April meeting on the 23rd.
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