BoJ leaves policy on hold; Outlook Report points to "gradually rising" likelihood of achieving price target
Key points
- BoJ decides unanimously to leave monetary policy and forward guidance on hold
- Projections for "core-core" CPI inflation in Outlook Report are unchanged, but Bank notes that "likelihood of realizing this outlook" has "gradually risen"
- We expect BoJ will conclude at April 25-26 meeting that likelihood of achieving price target has "risen sufficiently" and wind down NIRP
