Seems rather obvious, but yeah.
If you have been living under a rock for the past, I dunno, few decades:
- the BOJ inflation target is 2%
- CPI is currently zero or thereabouts
- it has been for years and years
So, yeah, the BOJ will be loose for a looooooong time to come. Westpac summed it up nicely (from this post yesterday):
- there is not and will not be a reason for the Bank of Japan to pull back on policy accommodation let alone tighten policy for the foreseeable future.
Commerzbank says the yen should recover in 2022. K.
There is a Bank of Japan policy meeting this week. Most of the focus I have seen is what the Bank will be doing about its climate change policies (in a nutshell they want to make borrowing even cheaper for firms funding 'green' projects).
Mizuho with a preview of this week's meeting, quite pithy is the headline - no fundamental change to policy levers.
BOJ meeting is Thursday and Friday, 15 and 16 July. The statement will be on the 16th, and as always there is no firmly scheduled time for its release ... 0230 - 0330GMT is the good bet though. Governor Kuroda will speak at his news conference to follow at 0630GMT.
