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Data, BOJ comments, JGBs don't portend policy shift yet
Economic data, recent comments from Bank of Japan officials and moves in JGB yields do not point to any changes in BOJ policy just yet, despite another bout of intense speculation in markets and the media. Notwithstanding words of caution from various central bank officials, and BOJ Governor Kazuo Ueda's gradualist approach, the market seems to be moving towards U.S. Federal Reserve and European Central Bank rate cuts in June, and maybe a policy shift by the BOJ as soon as this month . Such central bank shifts are indeed possible but appear premature, especially for the BOJ with recent economic data very weak and ... (full story)