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Central Bank of Japan Excess Reserve Rate Forecasts

April 4 (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 March 28 to April 3.

================================================================================
                        2Q     3Q     4Q     1Q     2Q     3Q     4Q     1Q
                      2014   2014   2014   2015   2015   2015   2015   2016
================================================================================
# of replies            36     36     36     36     36     36     36     36
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%  0.10%  0.10%  0.10%  0.10%
Low Forecast         0.10%  0.05%  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%
Capital Economics    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%
================================================================================
                        2Q     3Q     4Q     1Q     2Q     3Q     4Q     1Q
                      2014   2014   2014   2015   2015   2015   2015   2016
================================================================================
Credit Agricole      0.10%  0.10%  0.10%  0.10%  0.10%  0.10%  0.10%  0.10%
Credit Suisse        0.10%  0.10%  0.10%  0.10%  0.10%  0.10%  0.10%  0.10%
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%
Goldman Sachs        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%
================================================================================
                        2Q     3Q     4Q     1Q     2Q     3Q     4Q     1Q
                      2014   2014   2014   2015   2015   2015   2015   2016
================================================================================
Monex Inc.           0.10%  0.10%  0.10%  0.10%  0.10%  0.10%  0.10%  0.10%
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%  0.05%  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%
UBS Securities       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; James Mayger in Tokyo at jmayger@bloomberg.net

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

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