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Outlook for Economic Activity and Prices (April 2023)
Japan's economy is likely to recover moderately toward around the middle of fiscal 2023 supported by factors such as the materialization of the pent-up demand, although it is expected to be under downward pressure stemming from past high commodity prices and a slowdown in the pace of recovery in overseas economies. Thereafter, as a virtuous cycle from income to spending gradually intensifies, Japan's economy is projected to continue growing at a pace about its potential growth rate. That said, the pace of growth is highly likely to decelerate gradually toward the end of the projection period. • The year-on-year ... (full story)
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BOJ maintains YCC band unchanged, tweaks forward guidance
Bank of Japan monetary policy meeting April 2023: • Maintains short-term interest rate target at -0.1%. • Maintains 10-year JGB yield target around 0%. • Maintains band around its 10-year JGB yield target at up and down 0.5% each. • Makes decision on YCC by unanimous vote. So no change to policy settings above there at all. Not wholly unexpected, Ueda had not given indications he was in a rush. And: • To conduct examination of monetary policy. • BOJ tweaks forward guidance. • Will take additional easing steps without hesitation as needed while striving for market stability. • Removes reference to ... (full story)