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Summary Headlines via Reuters:
- BOJ must patiently maintain monetary easing until price target is achieved
- BOJ must maintain easy policy, including YCC, until achievement of price target is sufficiently in sight
- BOJ must scrutinise without any preset idea the state of market function, but must maintain easy policy at present
- Expect distortion in yield curve to be ironed out as market interest rate expectations stabilise
- BOJ must scrutinise market, economic, and price outlook and if necessary, seek to improve market function including corporate bond and swap markets
- Deterioration in bond market function remains so must be vigilant
- BOJ must focus on risk of losing chance to meet price target with premature policy shift, rather than risk of being too late in shifting policy
- Lowering BOJ's price target would delay necessary reform
- Japan's economy showing positive signs but tweak to monetary policy must be discussed carefully given impact on markets, various economic entities
- Japan's economy showing positive signs but tweak to monetary policy must be discussed carefully given impact on markets, various economic entities
- Japan's consumer inflation expected to slow below 2% in latter half of this year
- BOJ must be mindful of risk inflation may overshoot expectations
- There is a chance higher-than-expected inflation may be sustained as companies keep raising prices, wages
- Exports moving on a somewhat weak note, so must be vigilant to overseas economic developments must patiently maintain monetary easing until price target is achieved
There is nothing in the above to indicate that any change to the major planks of BOJ policy is imminent. This meeting was most notable for being the final meeting with Bank of Japan Governor Kuroda in charge. He completes his term on April 8 and will be replaced by ne Gov. Ueda.
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Bank of Japan