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MNI INSIGHT: BOJ Likely To Up Price View, But Policy Unchanged

(MNI) Tokyo
TOKYO (MNI)

Temporary higher prices ahead and slower growth this fiscal year is expected from the July board meeting and quarterly outlook report.

The Bank of Japan will likely raise its median inflation forecast above its policy target of 2% in its July outlook and board meeting but refrain from any policy changes until it sees evidence of wage gains of at least 3% next year as prices are seen as driven by volatile and temporary energy and commodity costs, MNI understands.

At the same time, the BOJ is expected to lower its estimate for growth this fiscal year started March even as recovery signs emerge from pandemic curbs earlier this year that has flowed through to higher retail and durable goods prices

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The Bank of Japan will likely raise its median inflation forecast above its policy target of 2% in its July outlook and board meeting but refrain from any policy changes until it sees evidence of wage gains of at least 3% next year as prices are seen as driven by volatile and temporary energy and commodity costs, MNI understands.

At the same time, the BOJ is expected to lower its estimate for growth this fiscal year started March even as recovery signs emerge from pandemic curbs earlier this year that has flowed through to higher retail and durable goods prices

Keep reading...Show less