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VIEW: TD Securities Move To Mar Hike After Rengo

BOJ

TD Securities write “following the positive round of wage increases announced this week and Rengo's announcement today, we believe the BoJ has the information it needs to hike at next week's meeting. Accordingly, we bring forward our call for an April hike to March.”

  • Overall, they expect next week’s BoJ decision to result in:
  • The termination of NIRP, lifting the Policy Balance rate 10bps to 0%
  • The tweaking of the deposit framework from a three to a two tier system
  • The discontinuation of YCC but retention of the Q1 bond buying pace to ensure market functioning.
  • The discontinuation of the Bank’s ETF and J-Reits purchases.
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com

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