Analysts at TD Securities, suggest that, while a move by the BoJ at this meeting is unlikely, the officials have been edging towards action as reflected in various comments by BoJ policymakers.

• “Governor Kuroda has highlighted four options for potential easing. A scheduled consumption tax hike next month together with a strong JPY have increased the pressure for the BoJ to act. At the same time policy is already ultra- easy and the BoJ remains cognizant of adverse secondary impact of policy on Banks.”