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Bank shifting focus away from emergency response

The Bank of Japan today unveiled the details of its green lending facility, underlining that its focus is now moving away from addressing the pandemic towards longer-term structural issues.
Marcel Thieliant Senior Japan, Australia & New Zealand Economist
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Japan Economics Weekly

Japan to outperform as cost of living rising less sharply

GDP shrank yet again in Q1 as the Omicron wave brought the recovery in consumption to a halt. However, services spending was more resilient than we had anticipated and there are good reasons to think that Japan’s economy will outperform other large advanced economies over the coming quarters.  

20 May 2022

Japan Data Response

Japan Consumer Prices (Apr. 2022)

Inflation rose above the Bank of Japan's 2% inflation target for the first time since 2008 and we expect underlying inflation to approach 2% later this year, but this won't prompt the Bank to tighten policy.

20 May 2022

Japan Economics Update

Weaker yen won’t provide a big boost to net exports

With Japan’s terms of trade set to improve only modestly and interest rates differentials moving further against the yen, we expect the exchange rate to fall to 140 against the dollar by year-end. But this currency weakness will provide only a small boost to Japan’s net export volumes.

19 May 2022

More from Marcel Thieliant

Australia & New Zealand Economic Outlook

Central banks to tighten as bust turns to boom

Sydney’s lockdown will keep a lid on Australia’s recovery for now, but booming housing markets should support consumer spending and dwellings investment in both countries. We don’t expect labour shortages to ease much when the border opens, so wages growth may finally accelerate. That should prompt the RBNZ to start hiking rates next month and the RBA to follow in 2023.

15 July 2021

Australia & New Zealand Data Response

Australia Labour Market (Jun.)

The labour market continued to tighten in June and while the lockdown in New South Wales may result in some bumps over the next couple of months, we expect wage growth to accelerate soon.

15 July 2021

Australia & New Zealand Economics Update

New Zealand- End of asset purchases signals rates will rise soon

The RBNZ today sent a hawkish signal by announcing the end of its bond purchases. While we currently expect the Bank to start hiking rates in May next year, the risk is that it will happen earlier.

14 July 2021
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