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Bank of Japan board probably still divided despite 8-1 vote – Danske

FXStreet (Barcelona) - The Danske Bank Research Team expects BoJ to be on hold in 2015 as they view the presence of considerable disagreements on the BoJ board.

Key Quotes

“First, we think there is still considerable disagreement on the BoJ board and it will be difficult to get a majority for additional easing.”

“Second, the government’s postponement of the consumption tax hike has also reduced BoJ’s manoeuvring room. With no fiscal headwinds and the support from a substantial weaker yen, the outlook for growth in 2016 is quite strong.”

“Hence, it looks like BoJ will have to start tapering at some stage in 2016. It should be remembered that even without additional easing BoJ's balance sheet will be expanded aggressively in 2015.”

“We continue to see a weaker yen in 2015 on the back of a monetary policy that remains very accommodative, even without additional easing.”

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