Economists universally expect the BoJ to keep its target for annual growth in the monetary base unchanged at JPY80trn at today’s policy announcement. There is some discussion in the local media, however, that last week’s announcement from Japan Post that it intends to reduce JGB holdings this fiscal year may facilitate another step up in the target. While this can’t be ruled out, the April 30 announcement-which will be accompanied by revised long-term economic forecasts-is a much more likely date.
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