Presser detail now being released after usual embargo
- premature to discuss exit strategy for Japan
- vital for govt to achieve fiscal consolidation
- BOJ forecasts include effects of planned sales tax hike
- Japan can recover even if exports don’t rise sharply
- sees risks linked to overseas economy falling slightly
- US economy is strong and there are signs of improvement in Europe
- core CPI +0.4% in line with BOJ forecast
- possible to raise sales tax and still escape deflation
- even after sales tax hike Japan can expand sbove its potential growth rate
- important in next fiscal year to reduce budget deficit
- Chinese growth slowing but will stablize due to domestic demand
- BOJ board members wanted to see more hard data showing improvement in Capex
The usual from Kuroda but USDJPY higher at 96.40