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Bank of Japan Excess Reserve Rate Forecasts

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June 10 (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 June 3-6.

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                         2Q     3Q     4Q     1Q     2Q     3Q     4Q     1Q
                       2014   2014   2014   2015   2015   2015   2015   2016
================================================================================
# of replies             33     33     33     33     33     33     33     33
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 Merrill Lynch    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%
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 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%
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%
================================================================================
                         2Q     3Q     4Q     1Q     2Q     3Q     4Q     1Q
                       2014   2014   2014   2015   2015   2015   2015   2016
================================================================================
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%

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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