Our Japan Chart Pack has been updated with the latest data and our analysis of recent developments.
The economy has weathered the energy shock well as Japan has been able to secure sufficient crude oil supplies outside the Middle East. However, Japan is paying a large premium for those supplies, which is adding to inflationary pressures. Indeed, the Bank of Japan has signaled that it will accelerate its tightening cycle and we’re comfortable with our long-held view that it will lift its policy rate to a neutral level of 2% as soon as next year.
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