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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.
Free AccessMNI ASIA MARKETS OPEN: Tsy Curves Reverse Course Ahead Wed CPI
MNI ASIA MARKETS ANALYSIS:Waiting For Next Inflation Shoe Drop
Key Inter-Meeting Fed Speak – Dec 2024
US TREASURY AUCTION CALENDAR: Avg 3Y Sale
MNI INSIGHT: Japan Apr CPI Above 2%, But BOJ Easy Policy Stays
A weak economy and limited wage hikes will keep the Bank of Japan focused on easy policy even as a flatter base comparison for mobile phone charges in consumer prices will add to already stubborn cost-push prices to keep headline inflation above 2% , MNI understands.
Bank officials, including Governor Haruhiko Kuroda this month before parliament, have been steadfast on the need to keep the minus/plus 0.25% yield curve control in place and the overall easy policy stance in the face of weaker economic growth and what are termed transitory price gains not consistent with sustained 2% inflation, See: MNI INSIGHT:Weak Q2 GDP Would Reinforce BOJ Easy Policy Stance.
On Friday, April core consumer inflation rose 2.1% y/y, for the highest level since March 2015, according to official data, and is expected to stay at above 2%, MNI understands. April core-core CPI, excluding fresh food and energy items - the BOJ's preferred gauge, rose 0.8% y/y from a 0.7% dip in March.
At the April policy meeting, the BOJ board’s median forecast for core CPI this fiscal year was revised up to +1.9% from January’s +1.1%.
INFLATION AND GROWTH
But even with prices above at or above 2% in the coming months, BOJ officials do not expect an upward change in medium- to long-term inflation expectations and suggest volatile food and energy costs will not sustain second-round knock-on effects on consumers.
Instead, BOJ officials are worried about downside risks to the economy on the back of a worsening of terms of trade and say current policy is the best way to combat a slowdown. Some analysts, including former BOJ officials, however have said that the central bank may need to at least tweak policy in the face of expected steady rate hikes this year by the Fed and other pressures, See: MNI INTERVIEW: BOJ Should Review 2% Target-Ex Senior Official.
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.