Will the BoJ Reverse Course?

  • Japan isn’t immune from global inflation, which is pressing PPI and feeding CPI
  • Our models are still rising, suggesting Core CPI will hit 2% by the middle of the year 
  • The BoJ is getting concerned, and we expect the Monetary Policy Board to signal change
  • Shifting the YCC bands is likely, but at some point, the Yen could come into play

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