The members of the Board of the Bank of Japan (BoJ) shared their views on the outlook for monetary policy on Thursday, according to the minutes of the BoJ's March meeting.
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“A BoJ member said the impact of raising short-term rates to around 0.1% on the economy will likely be limited.”
“Many members shared the view that long-term rates should basically be set by markets.”
“Some members stated that the BoJ should reduce the volume of bond purchases and its bond holdings in the future.”
“Some members stated that BoJ's March move is different from monetary tightening phase experienced in US and Europe.
“One member stated that the BoJ should move slowly but steadily towards the normalization of its monetary policy, with an eye on economic and price developments.
“Some members stated that although there is no great risk at present, there is a possibility that Japanese inflation could skyrocket.
“The BoJ is expected to continue trying to achieve the 2% inflation target in a stable and sustained manner.”
“While wages and capital investments show positive movements, consumption lacks strength“There are risks abroad.”
“The Government shares the BoJ's view that a positive wage-inflation cycle is emerging.”
“The BoJ must continue to support the economy financially to achieve a sustained economic recovery driven by domestic demand.”
Source: Fx Street
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