BOJ to signal policy hold, market eyes Dec hike
Repeats from Wednesday with no changes
Oct 30 (Reuters) -The Bank of Japan Policy Board is likely to signal a hold at the end of its two-day meeting on Thursday.Yet many in Tokyo still see the BOJ raising rates again before year-end, and the market will be looking for signals of future moves in the BOJ's outlook and press conference.
The consensus is for no change in policy at the current meeting. Given summer weaknesses in exports and household spending, and recent changes in Japan's political scenario, the central bank will not want to alter policy at this time.
Any further hikes will be predicated on stronger economic data and inflation looking to be sustained at or above the BOJ's 2% target. This may materialisewith the economy showing some signs of resurgence. September jobs data Tuesday showed strength, and couldprovide the catalyst for increased spending.
Output remains on the weak side but the hope is thatthe recently weaker yen and export orderswill provide a boost to growth. A recovery in auto production should help.
While recent data has shown some pullback in inflation, givenstill rising prices of both domestic and imported consumer goods, most expectany dips below the BOJ's target to betemporary at most. There is no way prices in Japan will continue to fall given rises in the prices of commodities, energy and goods worldwide. Previous BOJ comment.
For more click on FXBUZ
The BoJ continues to hold: https://reut.rs/4e8zxKl
Core inflation in Japan's capital slips below BOJ's target: https://reut.rs/3YryMFY
Japan's exports fall for first time in 10 months on China, US slowdown: https://reut.rs/4h8tffO
Haruya Ida is a Reuters market analyst. The views expressed are his own. Editing by Sonali Desai
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