Bank of Japan Policy Preview

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GVI Dollar Outlook

JAPAN

GVI BOJ Policy Meeting Preview

Decision: May 20, 2008
Current Overnight Target Rate: 0.50%
Expected decision: No change.
There is modest market speculation now about a future BOJ rate cut. Note below that core and headline CPI remain mildly deflationary. Also the economy has started to slow. The political situation also is unstable.

BANK OF JAPAN Policy Objective: The Bank of Japan Law states that the Bank's monetary policy should be "aimed at, through the pursuit of price stability, contributing to the sound development of the national economy."

Nationwide CPI

The chart above shows year/year core nationwide CPI and the reported BOJ goal of between 0% and 2% for this price index.

Manufacturing PMI

The chart above shows the current three month libor rate, the current BOJ overnight rate target and where the futures markets are currently trading three month rates for the specified periods in the future. The chart also includes comparisons of where these futures rates were trading most recently, a week ago and four weeks ago. The chart provides a view on where the markets feel Japanese interest rates are headed.

The chart above shows the Japanese overnight rate target, three month libor, and two- and ten-year bond yields over the past twelve months.

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