BoJ likely to look through widespread price jumps
The Bank of Japan left monetary policy unchanged at today’s meeting, maintaining current short- and long-term interest rates as we anticipated. The BoJ’s new strategy of offering daily, unlimited fixed-rate JGB purchases has been defending the +/-0.25% range for 10yr JGB, with lower purchases than previously.
The BoJ’s quarterly Outlook Report revised up the median CPI forecast to 2.3% from 1.9% for FY2022, but estimates for FY2023 at 1.4% and FY2024 at 1.3% remain short of the BoJ’s 2% target.
BoJ likely to look through widespread price jumps
The Bank of Japan left monetary policy unchanged at today’s meeting, maintaining current short- and long-term interest rates as we anticipated. The BoJ’s new strategy of offering daily, unlimited fixed-rate JGB purchases has been defending the +/-0.25% range for 10yr JGB, with lower purchases than previously.
The BoJ’s quarterly Outlook Report revised up the median CPI forecast to 2.3% from 1.9% for FY2022, but estimates for FY2023 at 1.4% and FY2024 at 1.3% remain short of the BoJ’s 2% target.
Since the early 1990s, satellites orbiting the planet have been continuously recording the luminosity of the Earth’s surface at night. The resulting geospatial dataset contains the night light intensity of every square kilometre on the planet. These data provide great potential for economic analysis.
Japan’s terms of trade, which saw steady deterioration until the mid 2010s, have since trended sideways, albeit with substantial fluctuation. The decline reflects Japan’s extreme dependence on imported resources and a drop in export prices amid intensifying global competition.
