Institution: The Bank of Japan's summary of opinions at the end of March may provide clues for an April rate hike

Golden Ten Data reported on March 18 that SMBC Nikko Securities economists stated that Bank of Japan Governor Kazuo Ueda is expected to avoid committing to a specific rate hike timetable at Thursday's press conference. However, if the summary of opinions from this meeting, to be released on March 30, shows that policymakers support further tightening, investors may further price in the possibility of an April rate hike. The market considers a policy rate of 1% (currently 0.75%) to still be an accommodative level for the Bank of Japan, so even if the situation in the Middle East deteriorates and global risk aversion rises, it is unlikely to prevent an April rate hike.