Projected timing of end to NIRP moved back to April 2024
Key points
- After reviewing our BoJ monetary policy scenario, we decided to move back projected timing of NIRP wind-down to April 2024
- Along with Governor Ueda's emphasis that policy changes will be "carefully assessed," Bank will need to respond to Noto earthquake and determine its economic impact
- With general mood favoring continued wage hikes, we see little risk of BoJ losing confidence in its ability to achieve "virtuous cycle of wages and prices"
