The Minutes from the BOJ October 31 meeting:

  • Many BOJ members said the BOJ to keep easing until inflation is stable
  • BOJ will check risks, make adjustments as needed
  • Japan economy continued to recover moderately
  • Many members said if downward pressure on prices remained there was a risk that the shift in deflation mindset could be delayed
  • Inflation to be around 1% for some time
  • Kuroda proposed additional easing
  • One member said if the BOJ had not expanded QE it could be seen as breaking its commitment to its price target
  • One member said expanded QE is sufficient to meet 2% price target in second half of 2015 fiscal year
  • One member said if price target in sight debate about exit strategy would be possible
  • BOJ should explain that QQE is open-ended
  • Some members said extra easing size should be as big as possible, need to avoid easing being seen as incremental
  • Some said the effects of more easing not worth the costs, saw maintaining previous policy as appropriate, said virtuous cycle was being maintained

Plenty of debate evident in the minutes, as you would expect from a 5-4 decision

Full text is here

–

Yen weakening on the release (and, updated … no it isn’t …. popped above 118.50 and back around 118.30 now)