TTN ANALYSIS: BOJ HAWK MIZUNO, WHO VOTED FOR RATE HIKES AT LAST TWO BOJ MEETINGS, CONFIRMS THAT BOJ WILL GO INTO "WAIT-AND-SEE" MODE
- Board member Atsushi Mizuno voted for rate hikes at last two meetings. In July, Mizuno said he saw the economy improving more than the central bank's forecast in its twice-yearly outlook report in April, adding that it remained less likely that the economy would undershoot the bank's forecast. "The bank should promptly decide on and implement policy changes when justified by economic conditions," the minutes added on Mizuno's views. (Note that Mizuno also opposed the bank's view on recent economic and financial developments, saying the economy had deviated slightly upward from the BOJ's outlook report due to greater-than-expected strength in corporate, household sectors and overseas economies).
- Mizuno’s comments released today decidedly less hawkish, and confirms that BoJ will wait for more data to show subprime’s impact on the U.S. economy (his comment on U.S. financials earnings releases very notable)
- Board member Atsushi Mizuno voted for rate hikes at last two meetings. In July, Mizuno said he saw the economy improving more than the central bank's forecast in its twice-yearly outlook report in April, adding that it remained less likely that the economy would undershoot the bank's forecast. "The bank should promptly decide on and implement policy changes when justified by economic conditions," the minutes added on Mizuno's views. (Note that Mizuno also opposed the bank's view on recent economic and financial developments, saying the economy had deviated slightly upward from the BOJ's outlook report due to greater-than-expected strength in corporate, household sectors and overseas economies).
- Mizuno’s comments released today decidedly less hawkish, and confirms that BoJ will wait for more data to show subprime’s impact on the U.S. economy (his comment on U.S. financials earnings releases very notable)
