Bank of Japan August Long-Term Forecasts

20 of 26 economists surveyed by Bloomberg News expect the BOJ to expand quantitative and qualitative monetary easing (QQME) by the end of June next year.

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Economist & Firm         Next Stimulus          Easing Type Timing of QQME Exit
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Masayuki Kichikawa          Jan.~March                  N/A             2H 2015
BofA Merrill Lynch                2014
Ryutaro Kono                 Oct.~Dec.                  N/A                 N/A
BNP Paribas                       2013
Kiichi Murashima            Jan.~March           ETFs, risk       2017 or later
Citigroup Inc                     2014               assets
Hiromichi Shirakawa         April~June                 JGBs             1Q 2016
Credit Suisse                     2014
Hideo Kumano                After July                  N/A                 N/A
Dai-Ichi Life                     2014
Mitsumaru Kumagai            Oct.~Dec.                  N/A                 N/A
Daiwa Institute                   2013
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Economist & Firm         Next Stimulus          Easing Type Timing of QQME Exit
===============================================================================
Maiko Noguchi               April~June                  N/A                 N/A
Daiwa Securities                  2014
Izumi Devalier               Oct.~Dec.Alter JGB maturities,                 N/A
HSBC Holdings PLC                 2013          risk assets
Yoshimasa Maruyama          April~June                  N/A                2016
Itochu Corporation                2014
Takuji Okubo                Jan.~March         Extension of                2018
Japan Macro Advisors              2014    current purchases
Hideki Matsumura            After July                  N/A              FY2015
Japan Research Institute          2014
Yuichi Kodama              Jan.~March                   N/A    2016 at earliest
Meiji Yasuda Life                 2014
Jun Ishii                  Jan.~March                 Asset     FY2016 or later
Mitsubishi UFJ MS Sec.            2014            purchases
Yuji Shimanaka                     N/A                  N/A           2H FY2015
Mitsubishi UFJ MS Sec. BCR
Hajime Takata                Oct.~Dec.                  N/A       2016 or later
Mizuho Research                   2013
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Economist & Firm         Next Stimulus          Easing Type Timing of QQME Exit
===============================================================================
Yasunari Ueno               After July                 ETFs                 N/A
Mizuho Securities                 2014
Naoki Murakami              April~June                  N/A    2H 2015 or later
Monex Inc.                        2014
Yasuhide Yajima              Oct.~Dec.                  N/A              FY2016
NLI Research Institute            2013
Naka Matsuzawa              After July                  N/A       End of FY2015
Nomura Securities                 2014
Takeshi Minami              April~June       J-REITs, ETFs,     FY2016 or later
Norinchukin Research              2014       excess reserve
                                             rate cut to 0%
Makoto Suzuki               April~June                  N/A    April~June 2016 
Okasan Securities                 2014                                 or later
Akio Makabe                 April~June       Fund-supplying
Shinshu University                2014          operations,       2016 or later
                                              ETFs, J-REITS
Mari Iwashita               April~June                  N/A     FY2017 or later
SMBC Nikko Securities             2014
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Economist & Firm         Next Stimulus          Easing Type Timing of QQME Exit
===============================================================================
Izuru Kato                 Jan.~March     JGBs, risk assets                 N/A
The Totan Research                2014        (ETFs, REITs)
Kazuhiko Sano               After July                  N/A                 N/A
Tokai Tokyo Securities            2014
Daiju Aoki                  April~June       Raise monetary
UBS Securities                    2014     base target, cut       2017 or later
                                             excess reserve
                                              rate to 0.05%
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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

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