BOJ July minutes. There is not a lot of conviction on inflation, wage rises in these.

The minutes are preceded many weeks in advance, in this case its two months, by the 'Summary'. The July meeting is here:

• BOJ must take additional easing steps without hesitation if needed, maintain forward guidance on interest rates

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From the minutes release, headlines via Reuters:

• Members shared view market sentiment Market Sentiment Market sentiment is a psychological attitude that captures the mood and attitude of investors, usually towards a specific security or asset. This sentiment can be segregated into a bullish or bearish mood in the market. As such, certain trading activity or price behavior will also impact market sentiment.For example, bullish sentiment indicates a growth in the price of securities, whereas a bearish sentiment sees falling prices. Many traders use broader market sentiment or sentiment data to hel Market sentiment is a psychological attitude that captures the mood and attitude of investors, usually towards a specific security or asset. This sentiment can be segregated into a bullish or bearish mood in the market. As such, certain trading activity or price behavior will also impact market sentiment.For example, bullish sentiment indicates a growth in the price of securities, whereas a bearish sentiment sees falling prices. Many traders use broader market sentiment or sentiment data to hel Read this Term remains cautious, global slowdown fears heightening
• A few members said price rises are broadening in japan
• One member said wage pressures heightening
• A few members said consumer inflation Inflation Inflation is defined as a quantitative measure of the rate in which the average price level of goods and services in an economy or country increases over a period of time. It is the rise in the general level of prices where a given currency effectively buys less than it did in prior periods.In terms of assessing the strength or currencies, and by extension foreign exchange, inflation or measures of it are extremely influential. Inflation stems from the overall creation of money. This money is m Inflation is defined as a quantitative measure of the rate in which the average price level of goods and services in an economy or country increases over a period of time. It is the rise in the general level of prices where a given currency effectively buys less than it did in prior periods.In terms of assessing the strength or currencies, and by extension foreign exchange, inflation or measures of it are extremely influential. Inflation stems from the overall creation of money. This money is m Read this Term to slow next fiscal year unless commodity prices continue to rise
• One member said japan is seeing an increasing chance of achieving sustained rise in inflation
• Members shared view must closely watch financial, fx market moves and their impact on economy, prices
• Members shared view rapid moves seen in fx market, must watch carefully impact of such moves on inflation
• one member said weak yen pressure may ease as global economic slowdown weighs on global inflation, leads to lower long term rates
• one member said the downtrend in the yen may change into an uptrend is the global economy faces a shock

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These are a bit wishy-washy. They are also from July. They are also preceded by the Summary. Still, FWIW there is little indication of any pivot from the BOJ here. As expected.

Those last two points on the weak yen have not aged well.

Full text: Minutes of the Monetary Policy Meeting on July 20 and 21, 2022

USD/JPY update: