The following are published Noteworthy comments from the December meeting of the Bank of Japan (BoJ):
One member said that it was not appropriate to change the objective of monetary policy.
One member said there might be room to debate how rigidly the BoJ should interpret the price target.
One of the members stated that the BoJ should review its policy framework in the future.
One member stated that, When the time comes to end the Bank of Japan’s expansionary policy, market players must be ready to face the risk associated with rising rates.
Several members stated that the effect of powerful monetary easing will continue even if the boj widens the bands around its yield target.
One of the members stated that the BoJ must humbly consider to what extent the adjustment of the Yield Curve Control (YCC) will contribute to improve the functioning of the market.
Some members said that the BoJ should clearly explain that the widening of the yield band is not a move to exit the ultra-loose policy.
The government representative said that slower growth abroad is a risk for the Japanese economyand that the impact of rising inflation, supply constraints and market volatility must be examined.
The government representative requested a recess during the meeting, which was approved by the president.
The government representative said that “understands that today’s debate was about measures to make monetary easing more sustainable“.
The government representative said that expects the BoJ to continue its efforts to achieve the price target in a stable and sustainable manner.
Source: Fx Street

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