21 January 2020
Emily Nicol
,
Chris Scicluna
- The conclusion of the BoJ’s Policy Board meeting predictably saw policy unchanged. But while it revised higher its GDP growth forecast, it also nudged slightly lower its expectation for core inflation over the forecast horizon. As such, while we think the hurdle for additional easing is high, Kuroda reiterated that the BoJ maintains an easing bias.
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20 January 2020
Emily Nicol
,
Chris Scicluna
- As the BoJ’s Policy Board meeting got underway, Japan’s synthetic consumption figures reported a modest recovery in November, suggesting that the post-tax hike pullback was smaller than in 2014. Looking ahead, the BoJ and ECB meetings will see policy left unchanged, while the flash January PMIs (Friday) will be closely watched.
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16 January 2020
Emily Nicol
,
Chris Scicluna
- Despite a significant upside surprise to Japan’s machine orders data, these still suggested subdued private capex growth in the wake of the consumption tax hike. European new car registrations and a UK housing survey also came in ahead of expectations.
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15 January 2020
Emily Nicol
,
Chris Scicluna
- The main event today was the scheduled signing of the first phase of the US-China trade deal. The publication of the BoJ’s Regional Economic Report predictably saw several regions revise down their economic assessments, albeit this seems unlikely to be a game-changer for the Policy Board.
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13 January 2020
Emily Nicol
,
Chris Scicluna
- After further dovish noises from the BoE MPC this weekend, all eyes will be on the UK’s November GDP report this morning. Other highlights this week include GDP figures from Germany and China, inflation numbers from the US, Japanese machine orders, and retail sales data from the US and UK.
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