Minutes of the September 14 and 15 Bank of Japan meeting

  • Production, exports have been more or less flat recently
  • QQE is exerting intended effects say many board members
  • Many board members - economy continuing to recover moderately
  • Many board members - see inflation trend continuing to improve ... negative core CPI is temporary, due to oil.
  • Negative CPI doesn't show change in trend
  • Inflation expectations rising over the longer term

Headlines on Bloomberg

Full text is here: Minutes of the Monetary Policy Meeting on September 14 and 15, 2015

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Welcome back to Japan, who were on holiday yesterday.

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If anything, the minutes release is leaning towards the 'no imminent easing' view, especially the comments on the low CPI being temporary.

Yen buyers emerging, and AUD/JPY getting some sellers active