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Policy
Policy
Exclusive interviews with leading policymakers that convey the true policy message that impacts markets.
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EM Policy
Exclusive interviews with leading policymakers that convey the true policy message that impacts markets.
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Global Macro
Global Macro
Actionable insight on monetary policy, balance sheet and inflation with focus on global issuance. Analysis on key political risk impacting the global markets.
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About Us
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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.
Real-time Actionable Insight
Get the latest on Central Bank Policy and FX & FI Markets to help inform both your strategic and tactical decision-making.
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MNI BoJ Review - July 2022: As You Were Despite Short-Term Noise
EXECUTIVE SUMMARY
- The BoJ left its monetary policy settings unchanged at the end of its July meeting, as was universally expected, while it noted that it will continue the daily fixed rate operation schedule and chose not to make a decision regarding the future of the special loans for small firms facility. There was the familiar 8-1 vote split (Kataoka being the usual dovish dissenter) surrounding the top line monetary policy settings. The BoJ also maintained its forward guidance surrounding interest rates.
- The Bank’s headline and core CPI forecasts were marked higher alongside a downgrade to the GDP projection covering the current FY (as expected) and a related nudge higher for the growth projections covering the two FYs that follow the current FY. The Bank noted that inflation expectations have risen, while it highlighted the risks that FX market gyrations and commodity price
- All in all, the Bank’s maintenance of its on-hold stance in recent months, inflation forecast dynamics and Kuroda’s tone continue to point to a Bank that will not tighten monetary policy during the remainder of Kuroda’s term, which runs into April ’23. The July meeting represented the last outings for board members Kataoka and Suzuki, with the former’s departure set to provide a slightly less dovish tinge to the BoJ decisions given the fact that he served as the guaranteed dovish dissenter.
- Click to view full review:MNI BoJ Review Jul 2022.pdf
To read the full story
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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.