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MNI BoJ Review December 2023: No Hints Of Early 2024 Policy Shift

BOJ
  • The BoJ December meeting delivered few surprises. All policy parameters were left unchanged, while forward guidance remained dovish. Arguably the latter was more important, as forward guidance may need to change before the BOJ delivers a major policy shift. Hence such a move is unlikely at the January policy meeting.
  • The BoJ statement and Governor Ueda's press conference suggested confidence in hitting the 2% inflation target in a stable and sustainable manner for fiscal year 2025 had risen versus the November policy meeting. However, it still needs to see more evidence around the strength of the wage-price cycle before shifting policy.
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