BOJ Monetary Policy Navigator

Jan 09, 2024

Projected timing of end to NIRP moved back to April 2024

Key points

After reviewing our BoJ monetary policy scenario, we decided to move back projected timing of NIRP wind-down to April 2024

Along with Governor Ueda's emphasis that policy changes will be "carefully assessed," Bank will need to respond to Noto earthquake and determine its economic impact

With general mood favoring continued wage hikes, we see little risk of BoJ losing confidence in its ability to achieve "virtuous cycle of wages and prices"