Where to now for the BOJ? Outlook from RBS

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The Bank of Japan surprised by keeping policy unchanged at this month’€™s meeting. The BoJ did downgrade its growth and inflation forecasts, pushing back again its timeline for hitting 2% inflation to fiscal year 2017. But Governor Kuroda said the board had decided to keep watching the impact of its January move to negative rates at today’€™s meeting. He also said the central bank had not considered allowing banks to borrow from the BoJ at negative rates as Bloomberg last week had reported would be discussed.

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