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The global campaign to contain inflation has placed Japan's central bank in an increasingly uncomfortable position, and investors are now saying so explicitly.
The Bank of Japan heads into a Friday interest-rate meeting carrying a direct warning from market participants: its inflation-fighting credibility is being tested.
The session will be closely watched for any guidance on the direction of future policy decisions.
The credibility test takes shape When market participants begin framing a central bank's next meeting as a credibility test, the stakes move well past the headline rate call.
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