BOJ Monetary Policy Navigator

Outlook for BoJ's "detailed plan" and likelihood of July rate hike

• Materials released ahead of BoJ's Bond Market Group meetings show market participants submitting variety of views
• Bank appears to be placing greater emphasis on "predictability" of detailed plan, which forms only first part of longer process of QT
• We do not expect simultaneous rate hike because BoJ probably wants to avoid raising term premia when kicking off QT