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Central Bank of Japan Excess Reserve Rate Forecasts

Feb. 17 (Bloomberg) -- The following table shows economists’ forecasts for Japan’s interest rate applied to the complementary deposit facility, based on a survey conducted by Bloomberg News on Feb. 6 to 12.

================================================================================
                         1Q      2Q      3Q      4Q      1Q      2Q      3Q      4Q
                       2014    2014    2014    2014    2015    2015    2015    2015
================================================================================
# of replies             34      34      34      34      34      34      34      34
Median                0.10%   0.10%   0.10%   0.10%   0.10%   0.10%   0.10%   0.10%
Average               0.10%   0.10%   0.10%   0.10%   0.10%   0.10%   0.10%   0.10%
High Forecast         0.10%   0.10%   0.10%   0.10%   0.25%   0.25%   0.25%   0.25%
Low Forecast          0.10%   0.10%   0.05%   0.05%   0.05%   0.05%   0.05%   0.05%
--------------------------------------------------------------------------------
BofA ML               0.10%   0.10%   0.10%   0.10%   0.10%   0.10%   0.10%   0.10%
Barclays PLC          0.10%   0.10%   0.10%   0.10%   0.10%   0.10%   0.10%   0.10%
BNP Paribas           0.10%   0.10%   0.10%   0.10%   0.10%   0.10%   0.10%   0.10%
Citigroup             0.10%   0.10%   0.10%   0.10%   0.10%   0.10%   0.10%   0.10%
Credit Agricole       0.10%   0.10%   0.10%   0.10%   0.10%   0.10%   0.10%   0.10%
================================================================================
                         1Q      2Q      3Q      4Q      1Q      2Q      3Q      4Q
                       2014    2014    2014    2014    2015    2015    2015    2015
================================================================================
Credit Suisse         0.10%   0.10%   0.10%   0.10%   0.25%   0.25%   0.25%   0.25%
Dai-Ichi Life         0.10%   0.10%   0.10%   0.10%   0.10%   0.10%   0.10%   0.10%
Daiwa Research        0.10%   0.10%   0.10%   0.10%   0.10%   0.10%   0.10%   0.10%
Daiwa Securities      0.10%   0.10%   0.10%   0.10%   0.10%   0.10%   0.10%   0.10%
HSBC Holdings         0.10%   0.10%   0.10%   0.10%   0.10%   0.10%   0.10%   0.10%
Itochu Corp.          0.10%   0.10%   0.10%   0.10%   0.10%   0.10%   0.10%   0.10%
Japan Macro Adv.      0.10%   0.10%   0.10%   0.10%   0.10%   0.10%   0.10%   0.10%
Japan Research        0.10%   0.10%   0.10%   0.10%   0.10%   0.10%   0.10%   0.10%
JPMorgan Chase        0.10%   0.10%   0.10%   0.10%   0.10%   0.10%   0.10%   0.10%
Meiji Yasuda          0.10%   0.10%   0.10%   0.10%   0.10%   0.10%   0.10%   0.10%
Mitsubishi UFJ Sec.   0.10%   0.10%   0.10%   0.10%   0.10%   0.10%   0.10%   0.10%
Mitsubishi UJF BCR    0.10%   0.10%   0.10%   0.10%   0.10%   0.10%   0.10%   0.10%
Mits. Res. & Cons.    0.10%   0.10%   0.10%   0.10%   0.10%   0.10%   0.10%   0.10%
Mizuho Research       0.10%   0.10%   0.10%   0.10%   0.10%   0.10%   0.10%   0.10%
Mizuho Securities     0.10%   0.10%   0.10%   0.10%   0.10%   0.10%   0.10%   0.10%
Monex Inc.            0.10%   0.10%   0.10%   0.10%   0.10%   0.10%   0.10%   0.10%
Morgan Stanley        0.10%   0.10%   0.10%   0.10%   0.10%   0.10%   0.10%   0.10%
================================================================================
                         1Q      2Q      3Q      4Q      1Q      2Q      3Q      4Q
                       2014    2014    2014    2014    2015    2015    2015    2015
================================================================================
NLI Research          0.10%   0.10%   0.10%   0.10%   0.10%   0.10%   0.10%   0.10%
Nomura Securities     0.10%   0.10%   0.10%   0.10%   0.10%   0.10%   0.10%   0.10%
Norinchukin Res.      0.10%   0.10%   0.05%   0.05%   0.05%   0.05%   0.05%   0.05%
Okasan Securities     0.10%   0.10%   0.10%   0.10%   0.10%   0.10%   0.10%   0.10%
RBS Securities        0.10%   0.10%   0.10%   0.10%   0.10%   0.10%   0.10%   0.10%
Shinshu University    0.10%   0.10%   0.10%   0.10%   0.10%   0.10%   0.10%   0.10%
SMBC Friend           0.10%   0.10%   0.10%   0.10%   0.10%   0.10%   0.10%   0.10%
SMBC Nikko            0.10%   0.10%   0.10%   0.10%   0.10%   0.10%   0.10%   0.10%
Societe Generale      0.10%   0.10%   0.10%   0.10%   0.10%   0.10%   0.10%   0.10%
Sumitomo Mitsui       0.10%   0.10%   0.10%   0.10%   0.10%   0.10%   0.10%   0.10%
Tokai Tokyo Sec.      0.10%   0.10%   0.10%   0.10%   0.10%   0.10%   0.10%   0.10%
Totan Research        0.10%   0.10%   0.10%   0.10%   0.10%   0.10%   0.10%   0.10%
================================================================================

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

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

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