The Minutes from the Bank of Japan June 18/19 monetary policy board meeting out now

Quick headlines via Reuters:

  • Members agreed underlying trend in inflation, which was determined by the output gap and medium- to long-term inflation expectations, would continue to improve
  • A few members said effects of QQE might be diminishing, considering long-term interest rates had temporarily risen to the range of 0.5-0.6 percent
  • Some members noted effects of QQE continued to be substantial, given interest rates in Japan had been stable at low levels despite rise in overseas interest rates

Not much of surprise at all from these Minutes. Yen barely responding.

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Here is the full text