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☆ Analysts overwhelmingly expect BOJ to scrap negative interest rates in April
▼ + stars: | 2024-02-22 | by ( ) www.cnbc.com time to read: +1 min

The Bank of Japan headquarters is seen in Tokyo on January 30, 2017. The Bank of Japan will pull the plug on its eight-year negative interest rate policy in April, according to more than 80% of economists polled by Reuters, marking a long-awaited major shift from a global outlier central bank. The Bank of Japan will pull the plug on its eight-year negative interest rate policy in April, according to more than 80% of economists polled by Reuters, marking a long-awaited major shift from a global outlier central bank. Nearly the same proportion of economists, 76%, also expect the BOJ to scrap yield curve control at that meeting, with almost all saying ultra-loose monetary conditions will end then, just months before many major central banks are expected to start cutting rates. The BOJ is on track to end negative interest rates in coming months despite Japan's economy slipping into a recession, sources have previously told Reuters.

Persons: Yoshimasa Maruyama Organizations: Bank of Japan, The Bank of, Reuters, Bank of, Nikko Securities, Daiwa Securities, D Asset Management Locations: Tokyo, The Bank of Japan, Bank of Japan

☆ BOJ's Noguchi says wage growth momentum is biggest focus for Japan economy
▼ + stars: | 2023-10-12 | by ( Tetsushi Kajimoto | ) www.reuters.com time to read: +2 min

TOKYO, Oct 12 (Reuters) - Bank of Japan board member Asahi Noguchi said on Thursday that the biggest focus for the Japanese economy now was to ensure that momentum for wage growth stayed in place, with a 3% rise in nominal pay to back efforts to meet the 2% inflation target. "His emphasis on wage growth probably meant the BOJ will retain its easy policy until wage hikes are firmly in place following the labour talks next March." "The biggest focus now is whether this (wage growth) momentum will be maintained or not from now on as well." Noguchi said household inflation expectations are steadily rising, but if wage growth lags behind price hikes, consumers would have no choice but to reduce their spending, as seen lately. "The BOJ's mission for the time being is to realise it (positive growth in real wages) through patient monetary easing," Noguchi said.

Persons: Asahi Noguchi, Noguchi, Yoshimasa Maruyama, Tetsushi, Chang, Ran Kim Organizations: Bank of Japan, Nikko Securities, Thomson Locations: TOKYO, Niigata, Tokyo

☆ Japan warns it will take 'appropriate' steps on excessive yen falls
▼ + stars: | 2023-10-04 | by ( ) www.cnbc.com time to read: +3 min

Japan will take appropriate steps against excessive moves in the yen "without ruling out any options", Finance Minister Shunichi Suzuki said on Wednesday, keeping markets on alert over the chance of yen-buying intervention. Suzuki told reporters he would not comment on whether Tokyo intervened in the exchange rate market overnight to prop up the yen. Japan's top currency diplomat Masato Kanda told reporters early on Wednesday that authorities were looking at various factors, including implied volatility, in determining whether yen moves were excessive. He declined to comment on whether the overnight yen moves were excessive. He added that Japan was acting in accordance with an agreement with its G7 and G20 partners, which includes a commitment to the stance that excessive exchange rate moves are undesirable.

Persons: Shunichi Suzuki, Suzuki, Masato Kanda, that's, Kanda, Fumio Kishida, Yoshimasa Maruyama Organizations: Tokyo Stock Exchange, Tokyo, Bank of Japan, Nikko Securities Locations: Tokyo, Japan, Asia

☆ Japan's business mood improves, capex firm in boost to economic outlook
▼ + stars: | 2023-10-02 | by ( Leika Kihara | Tetsushi Kajimoto | ) www.reuters.com time to read: +4 min

TOKYO (Reuters) -Japan’s business sentiment improved in the third quarter, a central bank survey showed, suggesting conditions for a durable economic revival are falling into place even as a global slowdown keeps policymakers cautious about the outlook. Big non-manufacturers’ index stood at 27, up from 23, the survey showed, above a median market forecast of 24 and improving for the sixth straight quarter. The survey showed big manufacturers expect conditions to improve three months ahead, though sluggish global demand and signs of weakness in China’s economy cloud the outlook. “The tankan showed Japan is on track for a domestic-demand led growth. But analysts expect a mild contraction in the July-September quarter as sluggish global demand weigh on exports.

Persons: Maki Shiraki, ”, Marcel Thieliant, Yoshimasa Maruyama Organizations: Nissan, Co, Ltd's, EV, REUTERS, Companies, Bank of Japan, Capital Economics, Big, Nikko Securities Locations: TOKYO, Tochigi prefecture, Japan, Asia, U.S

☆ Big Japanese manufacturers remain gloomy as external demand ebbs - survey
▼ + stars: | 2023-04-18 | by ( Tetsushi Kajimoto | ) www.reuters.com time to read: +3 min

"The survey confirmed the economy is on track for a post-coronavirus recovery backed by service-sector firms, although manufacturers are affected by a slowdown in global demand," said Yoshimasa Maruyama, chief economist at SMBC Nikko Securities. The Reuters Tankan, which closely tracks the Bank of Japan's (BOA) quarterly key tankan survey, canvassed 493 big non-financial firms. The sentiment index for big manufacturers in the Reuters Tankan survey stood at minus 3, unchanged from the previous month and posting a fourth straight month of negative readings, according to the survey. The Reuters Tankan manufacturers index is expected to rebound to plus 7 over the next three months. The large service-sector firms' index edged up to plus 24 in April from plus 21 seen in the previous month, hitting the highest level since December.

January's rise was the fastest since September 1981, when fuel costs spiked due to a Middle East oil crisis and hit Japan's import-reliant economy. Core consumer inflation has now exceeded the Bank of Japan's 2% target for nine straight months, mostly reflecting persistent rises in fuel and raw material costs, the data showed. "But there are questions as to whether the rise in inflation will be sustainable, as it is still driven largely by food and fuel costs," he said. At Ueda's debut policy meeting on April 28, the BOJ will release for the first time its inflation forecasts extending to fiscal 2025. Japan's economy averted recession in the fourth quarter of last year but rebounded much less than expected as business investment slumped.

☆ Japan current account surplus shrinks sharply as weak yen, trade deficits bite
▼ + stars: | 2023-02-08 | by ( Tetsushi Kajimoto | ) www.reuters.com time to read: +3 min

Summary Dec current account surplus shrinks to 33.4 bln yen -MOFPrimary income surplus helps offset trade shortfallsFor 2022, current account surplus falls most on recordAnalyst sees current account bottoming out in 2023TOKYO, Feb 8 (Reuters) - Japan's current account surplus fell sharply in December after a record rise the prior month, finance ministry data showed on Wednesday, highlighting the impact of persistent trade deficits and a weak yen on the country's once-solid balance of payments. The current account surplus stood at 33.4 billion yen ($255.51 million) in December, down steeply from a surplus of 1.8 trillion yen the previous month that was driven by income gains from securities investments and hefty Japanese investments overseas. The latest figure marked a decline of 334 billion yen from a year earlier and undershot economists' median estimates for 98.4 billion yen surplus in a Reuters poll. There is some worry in financial markets that Japan's hefty public debt and a dwindling current account surplus could entrench weakness in the yen over the long run. For the whole of 2022, the current account surplus fell the most on record -- by 10.1 trillion yen from the previous year -- to reach 11.4 trillion yen.

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