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"boj" tag

Unlike 2004-07, economic boom is shared by small businesses

In the BoJ September Tankan Survey, we see continued improvements in the business condition DIs. Large manufacturers’ DI improved markedly from 17 in June to 22 in September. Small businesses also saw improvements. DIs for...


BOJ keeps mum on exit policy while silently tapering its JGB purchase

In the April 26-27 policy meeting, the Bank of Japan (BoJ) made minor adjustments to its growth and inflation outlook, but there were no changes in its generally cautious view. The BoJ sees inflation gradually...


BoJ March Tankan shows manufacturers leading the recovery

According to the BoJ March Tankan Survey, the business conditions of Japanese companies improved in the first quarter of 2017. The improvements seem larger for manufacturers than for non-manufacturers. Large manufacturers saw their business condition...


What is the BOJ going to do?

Under Kuroda’s leadership the BOJ has surprised the market a number of times, most recently with the move to negative rates at the end of January. It is not that such a move, which has...


BoJ opens the negative rate floodgate

BoJ surprised the market by taking an easing action on January 29. It was a bold move, introducing a negative central bank policy rate for the first time in Japan’s history. From February onward, the...


Japanese non-manufacturers shielded from global uncertainties

September BoJ Tankan survey delivered a few positive surprises for the economy. Non-manufacturers’ business condition DI improved by 2 points and the capital expenditure plan for large corporations for the fiscal year 2015 was revised...