- It is highly uncertain to what extent financial firms can bear interest rate risk (1)
- BOJ should proceed cautiously with reduction of bond purchases (1)
- In order to stimulate demand, BOJ should swiftly reduce purchases to target level originally set to be achieved in over around two years' time (2)
- Even if BOJ reduces amount significantly to start, it is unlikely to see excessive rise in rates (2)
- That is due to continued effects brought upon by large JGB holdings by the BOJ (2)
- A swift reduction in purchases could lead to deterioration of market functioning (3)
- It would be more desirable for BOJ to reduce purchases in a stepwise manner (3)
The full minutes can be found here. Honestly, it doesn't really say much as it just outlines the range of views with regards to the pace of tapering, the amount, and the guidance that market players expect from the BOJ. It doesn't detail what points were more heavily stressed upon and what the BOJ might be leaning towards later this month.
