Must be flexible on timing for deciding on fate of BOJ’s pandemic-relief programmes.

BOJ will decide either in Dec or January on whether to extend deadline for pandemic-relief programmes.

Omicron variant heightening uncertainty for Japan’s economic outlook.

Our baseline view is that Japan’s economy will show clearer recovery in first half of next year.

Undecided on whether to end or expand pandemic-relief programmes upon march deadline, will closely watch BOJ tankan, other data on corporate funding.

Japan's base money growth may slow if at some point BOJ ends pandemic-relief loan programmes.

Reviewing, ramping up BOJ’s pandemic-relief progammes is a possibility depending on financial conditions at the time.