BoJ January policy meeting Summary of Opinions - more time needed to assess December move

From that meeting:

• BOJ announces no change to JGB yield band

The BOJ did do a little tinkering:

• BOJ unveils new tool to defend yield control policy

-

Summary main points:

• its appropriate to maintain current monetary easing including YCC
• BoJ must keep yields from rising across the curve
• BOJ must remain mindful of bond market functioning
• more time is needed to assess the impact of the December move
• must continue to point out to markets that it'll take time to hit the inflation target
• a policy review must be undertaken at some point, but for now loose policy is needed
• Japan CPI is expected to slow its pace of rise in H2 of the next fiscal year

• it could take time for wages to rise sustainably

Full text is here:

Summary of Opinions at the Monetary Policy Meeting on January 17 and 18, 2023