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MNI BoJ Preview - July 2022: No Change, Forecast Tweaks Due

BOJ

EXECUTIVE SUMMARY


  • The BoJ will leave policy settings unchanged at its July meeting.
  • In terms of the minor details, we should expect a markup in the Bank’s immediate CPI forecast and a moderation in its immediate GDP growth forecast, with the potential for background discussions re: the extension of the special financing scheme for smaller firms, which is currently due to expire in September.
  • The fact that inflation remains limited in a wider context, as well as it being driven by cost-push, not demand-pull factors, will likely leave the Bank sidelined through the end of BoJ Governor Kuroda’s term (which is set to end in April ’23).
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MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com

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