Bloomberg (gated) carries an assessment from Tsutomu Watanabe, a former BOJ official (1982-1999), now an economics professor at the University of Tokyo. He is described in the piece as a respected inflation expert.
In brief he says the Bank of Japan will follow a cautious, data-driven approach amidst its concerns over yen depreciation. The Bank will examine February’s 2.2% service price increase and record 5.3% wage gain by Japan’s largest labor union, specifically how price wage trends are expected to play out ahead.
The approach at the BOJ will emphasize patience and rationality in the face of fluctuating economic indicators.