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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
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Get the latest on Central Bank Policy and FX & FI Markets to help inform both your strategic and tactical decision-making.
Free AccessMNI BoJ Review - April 2023: Guidance Tweaks & A Deeper Review
EXECUTIVE SUMMARY
- The BoJ left its major monetary policy levers unchanged at the end of Governor Ueda’s first meeting atop the central bank, as was widely expected, although made a more forceful tweak to its forward guidance than many expected.
- The Bank also launched a wider review of the ultra-loose monetary policy settings deployed since the 1990s. The post-meeting statement revealed that the review will likely take 1-1.5 years to complete, which left many market participants pointing to a distinctly dovish outcome, although Ueda overrode that feeling.
- Ultimately, the growing inflationary pressure in Japan (as most recently evidenced by Friday’s Tokyo CPI release, which crossed ahead of the BoJ decision, comfortably topping expectations across all 3 major metrics) leaves a relatively near-term tweak to YCC on the table. We still point to July’s meeting as a more likely staging post than June for that move, if it is forthcoming, as the release of the Bank’s next outlook report provides a bed for a more thorough round of explanation.
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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.