• both upside/downside risks higher than in April
• Japanese economy gradually improving
• want to think what more BOJ can do to boost potential growth
• global market instability is rising again
• need to work closely with other CBs to ensure market stability
• export strength gradually spreading to private demand
• balance sheet adjustment still exerting downward pressure on US & EU economies
• need to watch if the output gap is sustainable
• signs of overheating in emerging economies increasing
• steps to support Japan’s growth areas not limited to BOJ’s latest lending scheme