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MNI BRIEF: BOJ May Soon Remove “Covid-19 Impact” From Guidance

(MNI) Tokyo
TOKYO (MNI)

The BOJ could wait until the July meeting when it updates the Outlook.

The government’s decision to reopen to international tourists in June and a recovering economy could pave the way for the Bank of Japan to soon consider removing “while closely monitoring the impact of Covid-19” from forward guidance, MNI understands.

Bank officials will carefully assess economic activity linked to infections, mainly private consumption, and may examine a change as early as the June 16-17 policy-setting meeting. But the BOJ may wait until July, when it upgrades its medium-term economic growth and inflation view in the quarterly Outlook Report, before announcing the change as it reviews the overall economic situation, (See MNI INSIGHT:Weak Q2 GDP Would Reinforce BOJ Easy Policy Stance.)

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The government’s decision to reopen to international tourists in June and a recovering economy could pave the way for the Bank of Japan to soon consider removing “while closely monitoring the impact of Covid-19” from forward guidance, MNI understands.

Bank officials will carefully assess economic activity linked to infections, mainly private consumption, and may examine a change as early as the June 16-17 policy-setting meeting. But the BOJ may wait until July, when it upgrades its medium-term economic growth and inflation view in the quarterly Outlook Report, before announcing the change as it reviews the overall economic situation, (See MNI INSIGHT:Weak Q2 GDP Would Reinforce BOJ Easy Policy Stance.)

Keep reading...Show less