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MNI BoJ Preview - June 2022: Still In Control?

EXECUTIVE SUMMARY

  • Given the continued dovish bias in the BoJ's rhetoric, we expect its main monetary policy parameters to stay unchanged this week. The Bank will likely stick with its assessment that the recent uptick in inflation is underpinned by cost-push factors rather than a sustained wage-driven impulse.
  • There is broad consensus that the Bank will stand pat on policy, even as the yen has weakened to multi-decade lows, while the market has been calling the sustainability of the YCC framework (at least in its current form) into question.
  • Aggressive response to upward pressure on yields in the form of stepped-up bond purchases testifies to the Bank's continued resolve to maintain powerful monetary easing for the time being.

Click to view full preview: MNI BoJ Preview - June 2022.pdf

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