Flash Notes

类型：投资策略机构：大华银行有限公司研究员：Alvin Liew 日期：2015-04-09

Japan: BOJ Stays Unchanged Again On 8 April 2015

    No surprise again as the Bank of Japan (BOJ) kept its monetary stance unchanged today (8 April). The decision was again not unanimous at 8 to 1 as the usual suspect Kiuchi voted against it. The twist was that Kiuchi proposed reducing the monetary target significantly to an annual pace of JPY45trn (from the current JPY80trn) but was rejected.

    BOJ continued the same optimistic growth outlook and maintained its 2% inflation target (as it did in February and March), while Kuroda expressed confidence that it is likely to be achieved in the period centering the current fiscal year, FY2015/2016. There was no change in the goal of achieving 2% inflation target as soon as possible with the 2-year timeframe in mind, according to Kuroda.

    We believe the BOJ will maintain the status quo position at least in 1H 2015. We expect the USD/JPY pair to break above 121 towards 125 by end-2Q 2015 only when the Fed finally delivers the first rate hike (likely in June 2015).The GDP and inflation targets revisions may take place in the 30 April 2015 BOJ policy decision.