BOJ Sees Little Need to Change Basic Rate Hike Stance

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BOJ Sees Little Need to Change Basic Rate Hike Stance

Bloomberg04-21

Bank of Japan officials see little need to change their existing stance of gradually raising interest rates for now despite uncertainties stemming from US tariffs, according to people familiar with ...

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But for now, their overall economic projections remain largely intact as they wait for more data to analyze the impact of US tariffs, the people added.With a wide range of possible scenarios for the economy, the officials’ view is that it’s still too early to incorporate them into their base case and make drastic changes in terms of the bank’s policy stance, the people said.At the conclusion of a two-day policy meeting on May 1, officials will make final decisions on the policy rate after examining all data and information available up to that point, the people said. Although the BOJ will present its base-case view, the bank will probably make it clear that the economic outlook is unclear due to uncertainties from the levies, the people said.Facing various risks for the economy and inflation, the bank has been thinking through ideas on what action could be appropriate in the worst case scenario, the people said.The central bank is also likely to consider cutting its price forecast in its quarterly economic report set to be released at the end of the policy gathering, according to the people. The change will stem from a stronger yen, cheaper oil and likely weakness in the economy. The bank’s first core inflation projection for fiscal 2027 will probably be around 2%, they said.The yen has appreciated about 11% against the dollar since the BOJ published its outlook report in January, while the price of oil has dropped about 13% as of Monday. The government also decided to essentially make high school tuition free from this fiscal year, a move that would likely cut the price index by about 0.2 percentage point, according to economists.On the timing of achieving its inflation target, the bank has said that it expects the inflation rate to be consistent with its target in the second half of its three-year forecast period through March 2027. The bank will extend the outlook period this time by a year, as it typically does in April.The officials are also likely to discuss lowering their economic growth projection from 1.1% for this fiscal year, the people said. Barclays economists anticipate that it will be slashed to around 0.5%, given the impact from tariffs.","kind":"news","is_publish_news":false,"is_publish_highlight":true,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"symbols":[],"gpt_button":0,"need_auth":false,"code":"91000000","status":"200"},"commentList":[],"hasMoreComments":false,"newsSizeData":{"likeSize":6,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"isCrawlerRequest":true}