Minutes of the Bank of Japan Monetary Policy Meeting on January 22 and 23, 2024, full text here
- Members agreed has not reached a stage where likelihood of achieving inflation target sustainably
- Members shared the view that chances of achieving 2% inflation rising gradually, so if we can confirm virtuous cycle of wages and inflation, we would consider ending negative rates and other unconventional easing steps
- Some members said upside risks of inflation greatly overshooting 2% target have become small
- One member said if judgement on ending negative rates is delayed, that would hamper efforts to achieve 2% target and call for need of rapid tightening
- One member said now is once in a lifetime opportunity to change monetary policy
- One member said scope of monetary policy flexibility could be lower for japan once other countries head to cutting rates
- Some members said appropriate to stop buying ETF, JREIT if achievement of inflation target can be foreseen
- Some members said BOJ is not under pressure to accelerate rate hikes at pace that is seen in western countries
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This all very dated of course given the Bank moved to tighten at the following, March, meeting.
