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Japanese exports likely to have rebounded slightly in March, BoJ to stand pat in April

Japanese March trade data is set to release tomorrow. According to a DBS Bank research report, exports are likely to have shown a marginal rebound to 0.7 percent year-on-year from -1.2 percent in the prior month, consistent with the mild pickup in manufacturing PMIs across the region.

Meanwhile, the consumer price index data for March is set to release later in the week. The headline inflation is likely to have accelerated to 0.5 percent year-on-year from 0.2 percent, aided by the recovery in oil prices, said DBS Bank.

However, the March rebound might not be sufficient to avert a sharp deceleration in the first quarter. Outlook might continue to be challenging in the later part of 2019, given the 2 percentage points consumption tax hike to be implemented in October.

“A weaker-than-expected growth outlook, however, does not necessarily mean the BOJ will move to further ease monetary policy. We expect the BOJ to stand pat at the next meeting on April 25 to preserve policy space”, added DBS Bank.

At 19:00 GMT the FxWirePro's Hourly Strength Index of Japanese yen was bearish at -84.2091 while the FxWirePro's Hourly Strength Index of US Dollar was slightly bullish at 60.0167 more details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex

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May 24 19:00 UTC Released

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