Bank of Japan October Policy Survey

All 36 economists surveyed by Bloomberg News expect the Bank of Japan to maintain its annual target for monetary base at 60-70 trillion yen.

Only one economist predicts an increase in the pace of J-REIT purchases to 50 billion yen annually.

===============================================================================
                                 Monetary    JGBs   ETFs  JREITs     Excess
Economist & Firm                Base(Tln)   (Tln)  (Tln)   (Bln)    Reserve
===============================================================================
                                -------Annual Target (JPY)-------
Current BOJ Target                  60~70      50      1      30       0.1%
-------------------------------------------------------------------------------
Masayuki Kichikawa                  60~70      50      1      30       0.1%
Bank of America Merrill Lynch
Kyohei Morita                       60~70      50      1      30       0.1%
Barclays Bank PLC        
Ryutaro Kono                        60~70      50      1      30       0.1%
BNP Paribas SA           
===============================================================================
                                 Monetary    JGBs   ETFs  JREITs     Excess
Economist & Firm                Base(Tln)   (Tln)  (Tln)   (Bln)    Reserve
===============================================================================
Marcel Thieliant                    60~70      50      1      30       0.1%
Capital Economics        
Kiichi Murashima                    60~70      50      1      30       0.1%
Citigroup Inc.           
Kazuhiko Ogata                      60~70      50      1      30       0.1%
Credit Agricole          
Hiromichi Shirakawa                 60~70      50      1      50       0.1%
Credit Suisse Group AG   
Hideo Kumano                        60~70      50      1      30       0.1%
Dai-Ichi Life Research   
Mitsumaru Kumagai                   60~70      50      1      30       0.1%
Daiwa Institute of Research
Maiko Noguchi                       60~70      50      1      30       0.1%
Daiwa Securities         
Naohiko Baba                        60~70      50      1      30       0.1%
Goldman Sachs            
Izumi Devalier                      60~70      50      1      30       0.1%
===============================================================================
                                 Monetary    JGBs   ETFs  JREITs     Excess
Economist & Firm                Base(Tln)   (Tln)  (Tln)   (Bln)    Reserve
===============================================================================
HSBC Holdings PLC        
Yoshimasa Maruyama                  60~70      50      1      30       0.1%
Itochu Corporation       
Takuji Okubo                        60~70      50      1      30       0.1%
Japan Macro Advisors     
Hideki Matsumura                    60~70      50      1      30       0.1%
Japan Research Institute 
Masaaki Kanno                       60~70      50      1      30       0.1%
JPMorgan Chase & Co.     
Yuichi Kodama                       60~70      50      1      30       0.1%
Meiji Yasuda Life Insurance
Naomi Muguruma                      60~70      50      1      30       0.1%
Mitsubishi UFJ MS Securities
Yuji Shimanaka                      60~70      50      1      30       0.1%
Mitsubishi UFJ MS Sec. BCR
Shinichiro Kobayashi                60~70      50      1      30       0.1%
Mitsubishi UFJ           
===============================================================================
                                 Monetary    JGBs   ETFs  JREITs     Excess
Economist & Firm                Base(Tln)   (Tln)  (Tln)   (Bln)    Reserve
===============================================================================
Hajime Takata                       60~70      50      1      30       0.1%
Mizuho Research          
Yasunari Ueno                       60~70      50      1      30       0.1%
Mizuho Securities        
Naoki Murakami                      60~70      50      1      30       0.1%
Monex Inc.               
Takeshi Yamaguchi                   60~70      50      1      30       0.1%
Morgan Stanley MUFG      
Yasuhide Yajima                     60~70      50      1      30       0.1%
NLI Research             
Naka Matsuzawa                      60~70      50      1      30       0.1%
Nomura Securities        
Takeshi Minami                      60~70      50      1      30       0.1%
Norinchukin Research     
Makoto Suzuki                       60~70      50      1      30       0.1%
Okasan Securities        
Junko Nishioka                      60~70      50      1      30       0.1%
===============================================================================
                                 Monetary    JGBs   ETFs  JREITs     Excess
Economist & Firm                Base(Tln)   (Tln)  (Tln)   (Bln)    Reserve
===============================================================================
Royal Bank of Scotland Group PLC
Akio Makabe                         60~70      50      1      30       0.1%
Shinshu University       
Mari Iwashita                       60~70      50      1      30       0.1%
SMBC Nikko Securities    
Takuji Aida                         60~70      50      1      30       0.1%
Societe Generale         
Hiroaki Muto                        60~70      50      1      30       0.1%
Sumitomo Mitsui Asset Management
Izuru Kato                          60~70      50      1      30       0.1%
The Totan Research       
Kazuhiko Sano                       60~70      50      1      30       0.1%
Tokai Tokyo Securities   
Daiju Aoki                          60~70      50      1      30       0.1%
UBS Securities           
===============================================================================

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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