Bank of Japan July Long-Term Forecasts

7 of 20 economists surveyed by Bloomberg News expect the BOJ to expand quantitative and qualitative monetary easing (QQME) later this year.

===============================================================================
                                                   Extra           Timing of   
Economist            Firm                       Stimulus           QQME Exit   
===============================================================================
Ryutaro Kono         BNP Paribas SA                  Yes                    N/A
Kiichi Murashima     Citigroup Inc                    No          2017 or later
Hiromichi Shirakawa  Credit Suisse Group AG          Yes       2H 2015 or later
Hideo Kumano         Dai-Ichi Life Research           No                    N/A
Mitsumaru Kumagai    Daiwa Institute of Research     Yes        FY2016 or later
Maiko Noguchi        Daiwa Securities                 No                    N/A
Izumi Devalier       HSBC Holdings PLC               Yes          2016 or later
Yoshimasa Maruyama   Itochu Corporation               No        FY2016 or later
Masaaki Kanno        JPMorgan Chase & Co              No              2018~2023
Jun Ishii            Mitsubishi UFJ MS Sec.           No        FY2016 or later
Yuji Shimanaka       Mitsubishi UFJ MS Sec. BCR       No     2H FY2015 or later
===============================================================================
                                                   Extra           Timing of   
Economist            Firm                       Stimulus           QQME Exit   
===============================================================================
Hajime Takata        Mizuho Research Institute       Yes          2016 or later
Yasunari Ueno        Mizuho Securities                No                    N/A
Yasuhide Yajima      NLI Research Institute         Yes*                    N/A
Naka Matsuzawa       Nomura Securities                No                1Q 2016
Takeshi Minami       Norinchukin Research             No        FY2016 or later
Akio Makabe          Shinshu University               No          2016 or later
Mari Iwashita        SMBC Nikko Securities            No        FY2016 or later
Izuru Kato           The Totan Research              Yes                    N/A
Kazuhiko Sano        Tokai Tokyo Securities           No                    N/A
===============================================================================

NOTE 1: 2H = 2nd half of the year NOTE 2: 2Q = 2nd quarter of the year NOTE 3: FY = Fiscal year in Japan starts in April and ends in March * Yajima forecasts extension of period of fixed-rate funding operations to longer than 1 year

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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