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MNI BoJ Review - October 2022: Doubling Down, Again

EXECUTIVE SUMMARY

  • The BoJ’s decision to leave its major monetary policy settings unchanged at the end of its October meeting, alongside the redeployment of its easing bias, was not a surprise, given that the recent rounds of BoJ rhetoric had seen various officials express their support for the existing policy settings.
  • Post-meeting, the Bank decided to adjust its Rinban purchase plan for Q422 in a bid to step up the defence of its current YCC settings.
  • Consensus still looks for a change in tune when Kuroda’s term comes to an end in April and a new Governor takes the helm. We aren’t as convinced that such a move will be automatic.
  • Click to view full review: MNI BoJ Review - Oct 2022.pdf
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com

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