BOJ Faces Pressure for Clarity, but Neutral Rate Estimates Likely to Stay Vague 
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BOJ’s Noguchi Calls for Cautious, Gradual Interest Rate Hikes to Sustain Inflation Goals 
BOJ March Tankan corporate price expectations survey showed that Japanese companies' long-term inflation expectations weakened in March from three months ago. Tankan report on Friday showed that business confidence among large manufacturers declined sharply from +12 in Q4 to +6 in Q1, reaching its lowest level since Q2 2013.
January's decision to adopt negative interest rates has failed to convince firms to boost spending on expectations of future increases in prices. Data highlights the challenge faced by BoJ in accelerating inflation to its 2 percent target, keeping it under pressure to expand monetary stimulus again.
Yasunari Ueno, chief market economist at Mizuho Securities, "Inflation expectations for three- and five-years ahead have never heightened since the BOJ began compiling this survey. It's clear the BOJ's attempt to drive up inflation expectations with bold monetary easing has failed."
BOJ will likely cut its consumer inflation forecasts at its rate review later this month, though many central bank policymakers are reluctant to top up stimulus after having just deployed negative interest rates in January.
