• BOJ may drop inflation target time frame at September meeting

  • May flag external factors like oil and slower global growth as impediments to hitting inflation goal, even while saying the correct policy actions have been taken

  • BOJ may change QQE range to ¥70-90tn from current ¥80tn

  • Would be difficult for BOJ to cut rates further into the negative

  • USDJPY could undo all the Abenomic gains to fall to 85.00

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