What will BOJ’s comprehensive assessment mean for USD/JPY? – Credit Agricole

Credit Agricole on the BOJ bending the curve
From Credit Agricole:
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e expect the BoJ to announce policies to re-steepen the JGB curve and thus push long-term yields higher still
—Despite the BoJ’s ‘comprehensive assessment’ of monetary policy, a recent Bloomberg survey showed only 53% of economists expect the BoJ to announce further easing measures at the September meeting (in some form or another). This expectation is distinctly lower than the 78% of economists that were expecting further easing at the July meeting this summer. But to call for a "comprehensive assessment" of monetary policy and then do nothing would be counterintuitive, and it would certainly erode the credibility of the BoJ in our view. It could also look dangerously like the BoJ is ‘waving the white flag’ on trying to reach its inflation target.