Barclays say BOJ may ease further in July, but don't expect much USD/JPY response

Barclays comments on the Bank of Japan and USD/JPY

• They say the PPI (due April 15 in Japan) will come in at -2% y/y (Bloomberg consensus survey is at -2.1% prior was +0.7% y/y)
• This drag on consumer inflation is likely to prompt BOJ easing in July
• But the impact on yen will be limited