A Reuters survey found that most economists now expect the Bank of Japan to move faster than previously thought and raise rates again in September, with the terminal rate likely to end up higher as well. In the poll, 57% of economists said they expect a rate hike next month, a sharp increase from 5% in Reuters’ July survey. Ayako Fujita, chief Japan economist at JPMorgan, said delaying a rate increase could trigger market volatility. Separately, more than two-thirds of respondents said the recent joint U.S.-Japan foreign exchange intervention had limited effect. The findings point to a notable shift in economist expectations around the BOJ’s near-term policy path and how effective recent efforts have been in the currency market.
A Reuters survey found that most economists expect the Bank of Japan to act sooner than previously anticipated, raise rates again in September, and ultimately take its terminal rate higher than earlier forecasts suggested.
In the poll, 57% of economists said they expect a rate hike next month, up sharply from 5% in Reuters’ July survey.
Ayako Fujita, chief Japan economist at JPMorgan, said that delaying a rate increase could lead to market volatility.
More than two-thirds of respondents also said the recent joint foreign exchange intervention by the United States and Japan had limited effect.
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