Bank of Japan 'Summary of Opinions' from the recent meeting, June 2019.
- it is necessary to persistently continue with the current powerful monetary easing as the momentum toward 2 percent inflation is maintained
- BOJ must persistently maintain current easy policy while paying closer attention than before to side effects on financial intermediation, market functioning
- although downside risks warrant attention, BOJ should continue current policy as no change to scenario economy likely to keep expanding moderately
- BOJ needs to constantly consider measures that enhance sustainability of monetary easing
- BOJ Should consider implementing necessary policy measures appropriately if momentum to hit price target lost, closely examine deterioration in firms, household sentiment
I bolded that last one. BOJ easy and may be even more so if needed. Anyone surprised? but what else can they do? here you go (more):
- key to overcoming deflation is for BOJ to maintain its stance of taking some kind of policy responses if some changes emerge in baseline scenario of outlook for prices
- all policy measures, including adjustments in short- and long-term rates, acceleration in pace of expansion in monetary base, and increase in amount of assets to be purchased, should be considered
- amid changes in external environment such as growing expectations for Fed, ECB easing, BOJ also needs to strengthen monetary easing
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