central bank, the Bank of Japan (BOJ), has influenced private sector expectations of inflation, and whether the degree of …-term inflation target to help anchor expectations. This paper aims to document how much the release of the forecasts of one major … influence depends to any degree on the adoption of an inflation target (IT). Consistent with earlier studies, we find the …

inflation as the forecast horizon shortens. Fitting the model with forecaster-level data for Japan, we find that the estimated … paths across forecasters points to a diverse set of views across forecasters about the inflation process in Japan …We model inflation forecasts as monotonically diverging from an estimated long-run anchor point towards actual …