From the Bank of Japan 'Summary of Opinions' of the June 15 and 16 meeting, just released

This pre-dates the minutes by many weeks (due for release July 25)

  • Private consumption appears to be gaining momentum recently
  • Firms are concerned about the increase in fixed costs amid low growth expectations
  • Increasing number of small and medium-sized firms are raising their wages, which is significant for achieving higher inflation
  • Increase in wages and prices have not been accelerating despite improvements incorporate profits, output gap
  • Remarkable improvement in CPI has yet to be seen, it would take some time for inflation to accelerate
  • Most effective way to achieve price target is to continue current monetary policy
  • Timing of future exit from easy policy cannot by foreseen as achievement of price target is still considerably distant

(Headlines via Reuters)

Full text: Summary of Opinions at the Monetary Policy Meeting on June 15 and 16 2017

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From this summary it is clear again that there is no move to reduce monetary policy accommodation in Japan.

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And meanwhile for USD/JPY ... is this thing on?