Our Japan Chart Pack has been updated with the latest data and our analysis of recent developments.
The government’s decision to cap gasoline prices means that inflation won’t rise far above the BoJ’s 2% target this year and we expect the BoJ to keep hiking rates roughly every six months to 2% by 2028. While a further increase in energy prices would represent a dilemma for the Bank, we think it would accelerate the pace of tightening.
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