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36 matches for " governor kuroda":
Forecasting BoJ policy for this year is trickier than it has been in a long time.
BoJ Governor Kuroda has piqued interest with his recent comments on the "reversal rate", the rate at which easy monetary policy becomes counterproductive, due to the negative impact on financial intermediation.
Governor Kuroda dropped further hints in speeches earlier this week that interest rates will be going up. He discussed methods of exit, in loose terms.
In his second confirmation hearing, Governor Kuroda continued his dance with markets, dialling down the exit talk.
The BoK surprised markets and commentators by keeping rates unchanged at 1.25% yesterday, rather than cutting to 1.0%.
The BoJ until last week had been in wait-and-see mode over China's slowdown, but they finally folded with Thursday's decision.
Meetings are a nice way to stress test our base case stories and gauge what questions are important for clients.
Korean GDP contracted by 1.4% quarter-on- quarter in Q1, erasing the 1.3% jump at the end of last year. The pullback was sharper than we expected, with the cliff-edge drop in private consumption, in particular, catching us by surprise.
Yesterday's BoJ statement, outlook and press conference raised our conviction on two key aspects of the policy outlook.
The PBoC left its interest rate corridor, including the Medium-term Lending Facility rate, unchanged last Friday, but published the reformed Loan Prime Rate modestly lower, at 4.20% in September, down from 4.25% in August.
We suspect that under the calm surface of the BoJ, a major decision is being debated.
We've always said that China's first weapon, should the trade war escalate, is to do nothing and allow the RMB to depreciate.
China's FX reserves rose to $3119B in November from $3109B in October. But the increase is explained by simultaneous yen, euro and sterling strength, which raises the dollar value of assets denominated in these currencies.
Yesterday's Nikkei services PMI report completed Japan's set of surveys for the fourth quarter of 2018.
Recent market turmoil and concerns on the outlook for global growth have re-awakened talk of stimulus. For the BoJ, this inevitably raises the question of what could possibly be done, given that policy already appears to be on the excessively loose side of loose.
The PBoC finally moved yesterday, cutting its one-year MLF rate by 5bp to 3.25%, whilst replacing around RMB 400B of maturing loans.
China's National People's Congress is set to convene its annual meeting next week.
China's real GDP growth officially slowed to 6.5% year-over-year in Q3, from 6.7% in Q2.
Japan's monetary base growth has continued to slow, to 13.2% year-over-year in November from 14.5% in October.
The BoJ held firm, for the most part, during this year's bout of central bank dovishness.
Chinese monetary conditions remain tight. Systemic tightening through higher interest rates last year is playing a role, but intensified and ever- more public regulatory enforcement is becoming the primary driver of tightening credit conditions for businesses.
PPI inflation in Korea slowed sharply in October, to a five-month low of 2.2%, from 2.7% in September.
Central bankers globally are full of market- appeasing but conditional statements.
The BoJ kept policy unchanged, as expected, at its meeting yesterday.
The BoJ kept monetary policy unchanged yesterday, as expected, with the signal coming through loud and clear: Japan's central bank will continue its aggressive easing policy until the inflation cows come home...
Korea's unemployment rate tumbled to 3.7% in February, after the leap to 4.4% in January.
Japan's GDP likely dropped by a huge 0.9% quarter-on-quarter in Q4, after the 0.5% increase in Q3, with risks skewed firmly to the downside.
The incidence of the phrase "since the early nineties" has increased sharply in our Japan reports this year.
Japan's adjusted trade balance flipped back to a modest surplus of ¥116B in February, after seven straight months of deficit.
The big question left by the BoJ at yesterday's meeting is how, if at all, they will follow up in October.
An inverted curve is a widely recognised signal that a recession is around the corner, though it's worth remembering that the lags tend to be long.
Governor Kuroda has sounded increasingly dovish recently.
The BoJ left its policy levers unchanged at the Monetary Policy Committee meeting on Friday. At the press conference, Governor Kuroda was repeatedly asked about the status of the ¥80T annual asset purchase target and what the exit strategy would be.
Governor Kuroda commented yesterday that he doesn't think Japan needs more easing at this stage. If he means that the BoJ does not have to change policy to provide more easing then we think he is right, on two and a half counts. First, Japan is likely to receive a boost under its current framework as external rate rises exceed expectations, driving down the yen.
One critical point emerged from last week's otherwise uneventful BoJ meeting: Governor Kuroda said that the BoJ might "adjust" rates before hitting the 2% inflation target.
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