Today has been published Bank of Japan March meeting minutes.
Key comments
One member said that markets may become risk averse if rising inflation triggers withdrawal of monetary easing by central banks.
Members agreed that Japan’s economy is likely to recover thanks to rising external demand and accommodative monetary policy.
Some members said that the spring salary negotiations showed some bright signs, such as salary increases in large companies.
Several members said that the possibility that recent rises in import prices lead to a sustained rise in inflation to the consumer is low.
The China’s lockdown measures could exert significant downward pressure on exports of Japan if they interrupt the local production of the companies.
Some members said that the BoJ must support the recovery of the economy from the consequences of the pandemicas Japan is not in a situation where inflation sustainably exceeds its 2% target.
One member said that no need to increase stimulus as the economy is likely to continue to recover
One member said that the monetary policy response should be considered taking into account various scenarios based on the expected change in the price and economic environment.
Several members said that the BoJ must carry out market operations to curb the increase in long-term interest rates.
Source: Fx Street
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