We do not expect any changes in monetary policy from the Bank of Japan next week or for the rest of this year. The Policy Board could again be forced into action by the fallout from global financial markets, but this risk aside, it would take several months of much weaker economic data to persuade Board members that the sustainability of the recovery is unsure and that price stability is still a long way off. What’s more, there is still a long way to run before the Bank’s programme of asset purchases approaches its current ceiling.
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