Bank of Japan watchers moved forward their forecasts for an end to negative interest rates after Governor Kazuo Ueda touched on that possibility in an interview published over the weekend.
All 46 economists surveyed by Bloomberg over the past week said the BOJ will stand pat on policy at next week’s board meeting, with half expecting authorities to abandon the subzero rate by the end of June.
“There is a chance of an early policy shift,” said Hiroshi Namioka, chief strategist at T&D Asset Management Co. “Every policy meeting has become live since Ueda took the helm.”The change in rate expectations comes with core inflation still above the BOJ’s target level after 16 months and the yen not far from a three-decade low, raising the prospects of further price rises fueled by elevated import costs.
The poll indicated expectations are building for next year’s annual spring wage negotiations. Some 80% of respondents said wage hikes will spur a change in BOJ policy, up from 59% in June, when the same question was asked. Overall, 65% foresee some manner of policy shift by June.
France Dernières Nouvelles, France Actualités
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