BOJ preview: YCC tweak on the cards amid sticky inflation, high yields
Investing.com-- Analysts expect the Bank of Japan to potentially further tweak its yield curve control policy when it meets on Tuesday after recent data showed an uptick in Japanese inflation, while rising bond yields and a weakened, signs of sticky inflation could see the bank potentially widen its yield curve control band- somewhat tightening monetary conditions in an otherwise ultra-loose environment.
Bank of America analysts said that the BOJ could potentially widen its YCC target range to -1.5% to 1.5%. Analysts at ING said that the bank may leave its current 1% range intact, but instead raise the midpoint target for the range to 0.25% or 0.5% from 0%. A change in the BOJ’s inflation forecasts is widely expected, given that core inflation- which excludes volatile fresh food prices- has exceeded the bank’s 2% target for 18 months running.
While analysts expect a broader shift away from the BOJ’s ultra-dovish stance in 2024, the central bank has remained largely tight-lipped over such a move. The pivot is also expected to be gradual.
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