{"id":20661,"date":"2024-03-22T14:35:27","date_gmt":"2024-03-22T13:35:27","guid":{"rendered":"https:\/\/latribune.lazardfreresgestion.fr\/?p=20661"},"modified":"2024-03-22T14:35:27","modified_gmt":"2024-03-22T13:35:27","slug":"japan-the-end-of-an-era","status":"publish","type":"post","link":"https:\/\/latribune.lazardfreresgestion.fr\/en\/japan-the-end-of-an-era\/","title":{"rendered":"Japan: the end of an era"},"content":{"rendered":"<h2>Chart of the Week<\/h2>\n<p>The Bank of Japan (BoJ) has lifted its policy rate to between zero and 0.1%. The shift makes the BoJ the last central bank to exit negative rates. It has also put an end to some other unconventional policy easing measures such as yield curve control (to keep 10-year yields around zero) and purchasing ETFs and mortgage-backed securities. Its government bond purchases will continue.<\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"alignnone  wp-image-20664\" src=\"https:\/\/latribune.lazardfreresgestion.fr\/wp-content\/uploads\/2024\/03\/GDSENG-300x132.jpg\" alt=\"\" width=\"723\" height=\"318\" srcset=\"https:\/\/latribune.lazardfreresgestion.fr\/wp-content\/uploads\/2024\/03\/GDSENG-300x132.jpg 300w, https:\/\/latribune.lazardfreresgestion.fr\/wp-content\/uploads\/2024\/03\/GDSENG-1024x450.jpg 1024w, https:\/\/latribune.lazardfreresgestion.fr\/wp-content\/uploads\/2024\/03\/GDSENG-768x338.jpg 768w, https:\/\/latribune.lazardfreresgestion.fr\/wp-content\/uploads\/2024\/03\/GDSENG-1536x676.jpg 1536w, https:\/\/latribune.lazardfreresgestion.fr\/wp-content\/uploads\/2024\/03\/GDSENG-2048x901.jpg 2048w\" sizes=\"auto, (max-width: 723px) 100vw, 723px\" \/><\/p>\n<h3><b>OUR <\/b><b>ANALYSIS<\/b><\/h3>\n<p>The change in direction was undoubtedly triggered by a combination of upwardly revised fourth-quarter growth and initial indications from the annual shunto wage negotiations that salaries are set to accelerate further.<\/p>\n<p>BoJ Governor Kazuo Ueda took all possible precautions in his speech to prevent the measures from destabilising markets. Going forward, the central bank is likely to move slowly given the underwhelming domestic demand figures revealed in recent economic data. On a brighter note, the PMI services index hit 54.9 in March, one of its highest levels in fifteen years. The market is currently pricing in short-term rates of 0.31% for the end of 2024. While this figure is decidedly low, it is higher than it was before the meeting.<\/p>\n<p>What remains to be seen is whether this decision marks a definite end to the BoJ\u2019s experiment with negative rates.<\/p>\n<p>***<\/p>\n<p>Written on March 22, 2024. This is not an investment advice. Opinions subject to change.<\/p>\n<p>See also: <a href=\"https:\/\/latribune.lazardfreresgestion.fr\/en\/european-banking-sector-in-good-health\/\">https:\/\/latribune.lazardfreresgestion.fr\/en\/european-banking-sector-in-good-health\/<\/a><\/p>\n<p>***<\/p>\n<p>This document is not pre-contractual or contractual in nature. It is provided for information purposes. The analyses and descriptions contained in this document shall not be interpreted as being advice or recommendations on the part of Lazard Fr\u00e8res Gestion SAS. This document does not constitute an offer or invitation to purchase or sell, nor an encouragement to invest. This document is the intellectual property of Lazard Fr\u00e8res Gestion SAS. LAZARD FRERES GESTION \u2013 a simplified joint stock company with share capital of \u20ac14,487,500 \u2013 Paris Trade and Companies Registry No. 352 213 599. 25, RUE DE COURCELLES \u2013 75008 PARIS, FRANCE<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Chart of the Week The Bank of Japan (BoJ) has lifted its policy rate to between zero and 0.1%. The&hellip; <\/p>\n","protected":false},"author":101016,"featured_media":20662,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[148],"tags":[2421,1977],"class_list":["post-20661","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-chart-of-the-week","tag-interest-rate","tag-japan"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.2 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Japan: the end of an era<\/title>\n<meta name=\"description\" content=\"The Bank of Japan (BoJ) has lifted its policy rate to between zero and 0.1%. 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