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BoJ: expectations of an earlier BOJ tightening? - Nomura

Analysts at Nomura explained that there has also been increasing interest in the BOJ’s exit policy this week. 

Key Quotes:

"Governor Kuroda’s comments on the “reversal rate” are increasing market expectations of an earlier BOJ tightening, but we do not think his comments suggest an immediate tightening."

"It is also worth noting that the JGB market remains stable, and a large majority of domestic investors do not expect a change in the government’s stance on deflation anytime soon."

"The BOJ leadership nomination is also approaching, and the BOJ may not want to irritate the government, as the Bank likely wants to avoid the appointment of a more radical candidate."

"As the market is becoming more focused on the possibility of BOJ normalisation, policymakers’ comments will be important for JPY in the near term. There will be many BOJ board members’ speeches scheduled over the next two weeks." 
 

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