The Bank of Japan left policy unchanged at the end of its monthly rate-setting meeting on 9th February, but we do not expect it to wait much longer. The data summarised here in our monthly review show a strengthening economic recovery and fading deflationary pressures. This helps to prepare the ground for the end of zero interest rates, with the BoJ likely to make the first move (withdrawing some of the huge overhang of excess liquidity) in April or May.
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