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BoJ surprised markets by holding off - Rabobank

FXStreet (Delhi) – Research Team at Rabobank, notes that the BoJ held off on any fresh easing measures but it significantly reduced its inflation projections, now seeing prices rise only 0.1% this fiscal year ending in March (was 0.7%) and 1.4% (was 1.9%) in the next.

Key Quotes

“The target date for reaching its medium-term goal of 2% has been pushed back to “the second half of FY2016“, which ends March 2017. These moves are remarkably similar to those by the ECB in September. So staying with this comparison, the BoJ may well hint at additional easing measures for 2016 in its November meeting.”

“By that time it should also have the Q3 GDP growth figures at its disposal, where the consensus is looking for the second consecutive quarterly decline. Abenomics is heading for its third anniversary. And it would seem – following news reports in the Nikkei daily – that the government could celebrate it with yet another fiscal stimulus package as well.”

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