BoJ seen leaving policy on hold in December; focus on January meeting
Key points
- We expect Policy Board will leave policy on hold when it meets on December 18-19 because it seems a little too early for changes
- December Tankan comes in strong and is supportive of "change in [wage and price] norms" emphasized by BoJ
- We see Bank winding down NIRP as early as January Policy Board meeting, following branch managers' meeting
