BOJ: Japan CPI Likely to Accelerate Clearly Above 2% in H2 of Fiscal 2026

The significance lies less in the CPI projection than in the BOJ's framing: it is explicitly flagging upside risk to its target while noting real rates remain low, which reads as groundwork for a less accommodative stance rather than a passive forecast. That matters most for yen-funded carry trades and rate-sensitive crypto and RWA positioning, where Japanese liquidity has long been a marginal source of global risk appetite. Whether the BOJ's inflation expectations language hardens into policy action is the open question to watch.