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Japan is scheduled to release January core machinery orders data on 16 March, February trade data on 18 March while The Bank of Japan (BoJ) is scheduled to announce its monetary policy decision on 19 March. Economists at Standard Chartered Bank forecast the data.

Key quotes 

“We estimate core machinery orders drops of 2.9% m/m (from -12.5% m/m in the previous month) and 2.6% y/y (-3.5% y/y) on improved sentiment and a better prevailing outlook for 2020 in January versus December.”

“We expect exports in JPY terms to have dropped by 3.0% y/y due to the coronavirus impact. We expect Japan’s overall imports to have decreased by 13.5% y/y as private investment shrank on virus concerns.”

“We expect BoJ to keep yield targets unchanged. The central bank is likely to expand its ETF purchase programme and continue to offer liquidity support.”


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