Bank of Japan - Minutes of the Monetary policy Meeting on December 19 and 20, 2022

The decision to expand the tolerance for the 10-year JGB yield Yield A yield represents the earnings generated by an investment or security over a certain time period. Yields are typically displayed in percentage terms and are in the form of interest or dividends received from it.These figures do not include the price variations, which separates it from the total return. Consequently, a yield applies to various stated rates of return on stocks, fixed income instruments such as bonds, and other types of investment products.Yields can be calculated as a ratio or as A yield represents the earnings generated by an investment or security over a certain time period. Yields are typically displayed in percentage terms and are in the form of interest or dividends received from it.These figures do not include the price variations, which separates it from the total return. Consequently, a yield applies to various stated rates of return on stocks, fixed income instruments such as bonds, and other types of investment products.Yields can be calculated as a ratio or as Read this Term from 0% +/- 25bp to +/- 50bp was unanimous.

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Headlines via Reuters:

• One member said inappropriate to tweak policy target
• One member said there could be room to debate how rigidly BOJ should interpret price target
• One member said BOJ must conduct review of its policy framework at some point in the future
• One member said must ensure market players are prepared against risk associated with rate hike, when time for ending BOJ’s easy policy comes
• Several members said effect of powerful monetary easing will continue even if BOJ widens band around its yield target
• One member said BOJ must humbly look at how much tweak to YCC will help improve market function
• A few members said BOJ must clearly explain widening of yield band is not a move eyeing exit from ultra-loose policy
• Govt rep said slowing overseas growth is a risk to Japan's economy, must scrutinise impact of rising inflation, supply constraints and market volatility
• Govt representative requested recess during meeting, which chair approved
• Govt rep said "understands today's debate was about steps to make monetary easing more sustainable"
• Govt rep said hopes BOJ continues to strive towards achieving price target in stable, sustainable manner

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USD/JPY is barely moving in response to the release.

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Full text is here:

Minutes of the Monetary policy Meeting on December 19 and 20,

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The Minutes are pre-empted many weeks in advance by the 'Summary':

• BOJ December meeting Summary of Opinions: Must maintain easy policy

You'll recall the December meeting and the JGB YCC bombshell that rocked global markets:

• ForexLive Asia-Pacific FX news wrap: BOJ pivot sends the yen rocketing higher across board
• ForexLive European FX news wrap: Yen flying high after BOJ policy tweak
• Forexlive Americas FX news wrap: Yen hits new highs as the BOJ fallout continues