BoJ likely to keep rates on hold at 7-8 April meeting but ease on 30 April

The Bank of Japan (BoJ) is expected to hold its two-day monetary policy meeting on 7-8 April and announce its policy decision on 8 April. 

"We do not expect any policy action on 8 April, but believe it will ease further at its 30 April meeting, when the board reviews GDP and inflation forecasts", hihglights Standard Chartered research. 

Q1-2015 Tankan survey results, especially for large manufacturers, were worse than expected. Large auto and electronic-component manufacturers have seen little improvement, despite a weaker local currency andlower energy prices. 

Core inflation, excluding the sales-tax effect, was 0% in February and may fall back into negative territory in Q2. There seems a growing urgency for the BoJ to step up monetary easing on 30 April.