• virtuous cycle seen contininuing

Here we go

  • consumer sentiment starting to become more optimistic
  • expects exports to continue rising on weak yen and overseas economic strength

Overseas economic strength ?

  • CPI seen at 0% for the time being due to cheaper oil
  • inflation expectations still appear to be rising on the whole from long-term perspective

USDJPY 121.35

  • BOJ easing is having intended effect
  • inflation likely to reach 2% target in or around F7 2015
  • BOJ will check risks, make adjustments as necessary

Nothing new so far