Bank of Japan April Policy Survey

All 19 economists surveyed by Bloomberg News expect the Bank of Japan to take further easing action at the two-day meeting that ends on April 4.

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Economist               Expected Action
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Barclays Plc.           Consolidation of JGB purchases under APP, Rinban
 Chotaro Morita         Strengthen commitment to monetary easing
 Chief Fixed            
 Income Strategist      
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BNP Paribas SA          Consolidation of JGB purchases under APP, Rinban
 Ryutaro Kono           Scrap banknote rule
 Chief Economist        Increase monthly JGB purchases to ¥4 tln
                        Expand scope of APP to include 30-year JGBs
                        Buy more risk assets, such as ETFs and REITs
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Capital Economics       Additional ¥10 tln of JGB purchases under APP in 2013
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Economist               Expected Action
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 Julian Jessop          Extend maximum maturity of bonds purchased to 5 years
 Chief Economist        
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Citigroup Inc.          Consolidation of JGB purchases under APP, Rinban
 Kiichi Murashima       Increase monthly JGB purchases by ¥2 tln
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Credit Suisse Group     Bring forward start of open-ended asset purchases
 Hiromichi Shirakawa    Increase monthly JGB purchases to ¥4.3 tln
 Chief Economist        Scrap banknote rule
                        Consolidation of JGB purchases under APP, Rinban
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Dai-Ichi-Life Research  Bring forward start of open-ended asset purchases
Institue                Extend maximum maturity of bonds purchased
 Hideo Kumano           Switch to a comprehensive "balance sheet" easing
 Chief Economist        
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Daiwa Securities        Extend maximum maturity of bonds purchased to 5 years
 Maiko Noguchi          Bring forward start of open-ended asset purchases
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Economist               Expected Action
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 Senior Economist       Increase monthly JGB purchases under open-ended program
                        to ¥3~3.5 tln
                        Buy more risk assets, such as ETFs and REITs
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Itochu Corp.            Bring forward start of open-ended asset purchases
 Yoshimasa Maruyama     Increase in monthly JGB purchases
 Chief Economist        Extension of maturities of bonds purchased
                        Consolidation of JGB purchases under APP, Rinban
                        Strengthen commitment to monetary easing
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JPMorgan Chase & Co.    Switch to a comprehensive "balance sheet" easing
 Masaaki Kanno          Buy more risk assets, such as ETFs, J-REITs, CP
 Chief Economist        Consolidation of JGB purchases under APP, Rinban
                        Scrap banknote rule
                        Expand scope of APP to include 30-year bonds
                        Bring forward start of open-ended asset purchases
                        Strengthen commitment to monetary easing
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Economist               Expected Action
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Meiji Yasuda Life       Use current account as target for easing
Insurance Co.           Increase monthly JGB purchases to ¥5.5 tln
 Yuichi Kodama          Extend maximum maturity of bonds purchased to 5 years
 Chief Economist        Buy more risk assets
                        Consolidation of JGB purchases under APP, Rinban
                        Scrap banknote rule
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Mitsubishi UFJ Morgan   Use monetary base as target for easing
 Stanley Co.            Consolidation of JGB purchases under APP, Rinban
 Jun Ishii              Scrap banknote rule
 Chief Fixed-Income     Increase monthly JGB purchases to ¥5 tln
 Strategist             Extend maximum maturity of bonds purchased
                        Bring forward start of open-ended asset purchases
                        Strengthen commitment to monetary easing
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Mizuho Securities Co.   Increase bond purchases
 Yasunari Ueno          Extend maximum maturity of bonds purchased to 5 years
 Chief Market Economist Bring forward start of open-ended asset purchases
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Economist               Expected Action
==============================================================================
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NLI Research Institute  Bring forward start of open-ended asset purchases
 Yasuhide Yajima        Increase bond purchases
 Chief Economist        Extend maximum maturity of bonds purchased
                        Buy more risk assets
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Nomura Securities       Scrap banknote rule
 Naka Matsuzawa         Consolidation of JGB purchases under APP, Rinban
 Chief Strategist       Bring forward start of open-ended asset purchases
                        Increase monthly JGB purchases to ¥5 tln
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Royal Bank of Scotland  Consolidation of JGB purchases under APP, Rinban
Group Plc               Scrap banknote rule
 Junko Nishioka         Bring forward start of open-ended asset purchases
 Chief Economist        Extend maximum maturity of bonds purchased to 10 years
                        Strengthen commitment to monetary easing
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Shinshu University      Increase bond purchases
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Economist               Expected Action
==============================================================================
 Akio Makabe            Extend maximum maturity of bonds purchased
 Economics Professor    Bring forward start of open-ended asset purchases
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SMBC Nikko Securities   Bring forward start of open-ended asset purchases
 Mari Iwashita          Consolidation of JGB purchases under APP, Rinban
 Bond Strategist        Extend maximum maturity of bonds purchased
                        Scrap banknote rule
                        Increase monthly JGB purchases
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Tokai Tokyo Securities  BOJ to discuss the following polices:
 Kazuhiko Sano          Consolidation of JGB purchases under APP, Rinban
 Chief Strategist       Increase monthly JGB purchases to ¥5~6 tln 
                        Bring forward start of open-ended asset purchases
                        Buy more risk assets, such as ETFs and REITs
                        Scrap banknote rule
                        Strengthen commitment to monetary easing
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Totan Research          BOJ to discuss the following polices:
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Economist               Expected Action
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 Izuru Kato             Consolidation of JGB purchases under APP, Rinban
 Chief Economist        Scrap banknote rule
                        Extend maximum maturity of bonds purchased to 10 years
                        Buy more risk assets, such as ETFs
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NOTE: Rinban is the central bank’s JGB-buying program under its regular money market operations.

To contact the reporters on this story: Masahiro Hidaka in Tokyo at mhidaka@bloomberg.net; Isaac Aquino in Tokyo at iaquino1@bloomberg.net; Toru Fujioka in Tokyo at tfujioka1@bloomberg.net

To contact the editor responsible for this story: Paul Panckhurst at ppanckhurst@bloomberg.net

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