Inflation will continue to overshoot BoJ’s forecasts
Given that Governor Ueda is still sounding very non-committal about the timing of the next rate hike, the two hawkish dissents at this week’s BoJ meeting could well prove to be a red herring. But with the Governor highlighting food inflation, which is showing no signs of abating, as an important factor, we’re sticking to our view that the Bank will resume its tightening cycle next month.
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