The Bank of Japan will start downscaling its massive monetary easing only in a year's time, the majority of economists said in a Reuters poll, as speculation for further policy shifts abated after a surprise yield control tweak last month. At the July 27-28 meeting, the BOJ modified its yield curve control (YCC) scheme and allowed interest rates to rise more flexibly, a measure officially targeted to sustain easing but seen by markets as a prelude to dismantling decades of stimulus. Only one of 22 economists, or 5%, expected the BOJ to start unwinding its ultra-easy policy this year, the Aug 15-23 poll found, significantly down from 50% in a July survey.
TOKYO - The Bank of Japan will start downscaling its massive monetary easing only in a year's time, the majority of economists said in a Reuters poll, as speculation for further policy shifts abated after a surprise yield control tweak last month.
Other respondents' forecasts for the BOJ's next action varied. Four said the BOJ will start unwinding in January-March 2024, five chose April-June, six selected July-September and another six opted for October-December. A separate question showed 73% of economists expecting the BOJ to end YCC next year, up from 50% in July.
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