BoJ expected to revise inflation and real GDP projection for FY 16

Japan's next semi-annual report to be published in October. 

According to Societe Generale, "We expect the BoJ to increase the annual monetary base target to ¥85tn (on an annual basis, up from ¥80tn), mostly directed at risk assets including ETFs. The BoJ is likely to stress the importance of quality rather than quantity."

The BoJ is likely to push back the timing further to achieve the 2% target of "in or around FY16" (i.e. includes first half of FY17) - and additional QQE will be implemented to make sure the 2% target is achieved. 

The BoJ will probably also revise down its inflation projection for FY16 (from +2.0%) and may finally admit that the 2% target will be difficult to achieve within the indicated timeframe, and it may revise down its real GDP projection, estimates SocGen.