- According to a Reuters poll published on Wednesday, more than half of the economists expect the Bank of Japan (BoJ) to raise interest rates again by the end of the year. In the August 13-19 survey, 31 out of 54 economists predicted that the BoJ would increase borrowing costs by year-end. The median forecast for the end-of-year rate is 0.50%, marking a 25 basis point increase.
- Japan's imports surged by 16.6% year-on-year in July, reaching a 19-month high of ¥10,241.01 billion, surpassing market expectations of 14.9% and significantly up from the 3.2% rise in June. This marks the strongest growth in imports since January 2023. Meanwhile, exports increased by 10.3% YoY to a seven-month high of ¥9,619.17 billion, accelerating from the previous month's 5.4% growth but falling short of market forecasts of 11.4%.
- Federal Reserve (Fed) Governor Michelle Bowman expressed caution on Tuesday about making any policy changes, citing ongoing upside risks to inflation. Bowman warned that overreacting to individual data points could undermine the progress already achieved, according to Reuters.
- According to Reuters, the Bank of Japan (BoJ) had projected that a strong economic recovery would help inflation reach its 2% target sustainably. This would justify further interest rate increases, following last month's hike as part of the BoJ's ongoing effort to unwind years of extensive monetary stimulus.
- Federal Reserve Bank of San Francisco President Mary Daly emphasized Sunday that the US central bank should take a gradual approach to reducing borrowing costs, according to the Financial Times. Additionally, Federal Reserve Bank of Chicago President Austan Goolsbee warned that central bank officials should be cautious about keeping a restrictive policy in place longer than necessary, per CNBC.
- On Thursday, Kazutaka Maeda, an economist at Meiji Yasuda Research Institute, said that the reports are simply positive overall and “it supports the BoJ’s view and bodes well for further rate hikes, although the central bank would remain cautious as the last rate increase had caused a sharp spike in the Yen.”
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