Citi Expects BOJ to Raise Rates to 1.50% in December

Citi strategist Tomohisa Fujiki noted in a report that expectations for a Bank of Japan (BOJ) rate hike are strengthening, supported by a rebound in the stock market and strong inflation data. Although the threshold for consecutive rate hikes remains high, the likelihood of continued quarterly increases has risen. Citi expects the BOJ to raise rates to 1.50% in December, a forecast that aligns with market pricing, which reflects a 75% probability of a 25 basis point hike next month. Additionally, Citi anticipates that the policy rate will be raised to 1.75% in the first quarter, followed by an increase to 2.00% in the third quarter.

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