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Inflation forecast justified BoJ decision to sit it out this time
The financial markets had worked themselves into a lather of expectation ahead of the Bank of Japan’s monetary policy statement yesterday based on little more than a couple of Bloomberg stories quoting sources “close to the Bank”. In the event these proved to be red herrings; and anyway, would have raised the suspicions of analysts familiar with the Bank’s mode of operating. In effect, the BoJ board's policy making process is the same as that of the Federal Open Market Committee: once each quarter the nine members submit individual economic forecasts and, as with the Fed, the group then spends two days ... (full story)
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