The Bank of Japan announced today that it will present a detailed plan for reducing its bond purchases at the upcoming meeting in July and we think it will also deliver a final policy rate hike then. Around two-thirds of analysts polled by Reuters had expected the Bank to announce a reduction in bond purchases at today’s meeting, whereas we correctly argued that such an announcement was a touch more likely at its July meeting. The Bank noted that the plan to be unveiled next month will cover the next one to two years.
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