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Japan Jan Household Spending -0.3% y/y


Firmer, With Futures Leading The Move

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BanRep Analyst Reviews (1/2)

  • Barclays: The decision was unanimous, which shows that even the minister of finance, who represents the government on the board, supported the decision. The decision sends the signal that the containment of the FX pressures is the government’s responsibility, and it would demand from the administration a reduction in the level of uncertainty over the policy outlook.
  • Goldman Sachs interpret the unanimous vote and guidance that suggests additional rate hikes as a marginally hawkish development given a dissenting 50bp vote at the previous meeting and recent messages from members of the Petro administration about the ineffectiveness of further tightening of monetary policy.
    • At this stage, GS are pencilling in a tentative 100bp hike for this cycle. They will ultimately fine-tune their baseline call for the next meeting on the overall tone of the minutes, the technical staff’s expected paths for inflation and output gap in the Inflation Quarterly Report and incoming data.

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