The minutes of the Nov 15-16 BOJ minutes are crossing.

  • Some said unstable markets are affecting Japan to some extent
  • All agreed on the need to be mindful of adverse risks of European crisis
  • Many said high uncertainty could boost JPY and hurt econ
  • A few said they will watch to see if recent weakness in Japanese data was only temporary

And the minutes of the Nov. 30 meeting

  • All agreed market stress was likely to persist for a protracted period
  • Some said stigma of USD funding ops was likely to decline but it was uncertain