Review: BOJ Keeps Rates on Hold, While Assessing the Impact of Tariffs

by Brunello Rosa and Nato Balavadze

In this paper we discuss:

• The BoJ’s latest assessment of the Japanese economy.
• Why the BoJ remained on hold in May and what it can do in coming months.
• The BoJ’s sharp downward revision to the growth and inflation outlook.
• The dovish market reaction to the announcement. 

Download PDF: BOJ Review May 2025

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