TOKYO : The Bank of Japan's new chief Kazuo Ueda will not start unwinding its ultra-easy policy at April 27-28 meeting, nearly 90 per cent of economists polled by Reuters said, as the chance of a surprise tweak at his first rate-review subsided.
Only three of 27 economists, or 11 per cent, said the BOJ will start to scale-back its monetary stimulus next week, whereas 11 opted for the June meeting, the April 12-19 poll showed. BOJ's most likely first step to roll back its easy policy is a tweak to its forward guidance, chosen by 16 economists in a question allowing multiple answers, followed by an end to the YCC, selected by 11. Compared with the March poll, fewer economists expect a sudden abolition of YCC to come without warning.
Asked about what the BOJ would do if it were to modify the YCC before ending it, economists were split between those expecting a widening of the tolerance range around the 10-year yield target and those expecting the target to shift to a shorter-term bond yield . More analysts projected the latter option this time compared to last month.
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