These are the minutes of the meeting helped on March 18 and 19 2024.
There has been so much water under the bridge since then, including the April (25 and 26) meeting and two rounds of intervention to prop up the hapless yen. Most recently just a few hours ago:
(links to all the good stuff in that post)
Full text of the BoJ minutes are here.
Headlines via Reuters:
- One member said impact of rise in short-term rate to around 0.1% on economy will likely be limited
- Many members shared view long-term rates should basically be set by markets
- Ne member said adjustment to BOJ's bond buying amount should be done spending plenty of time to avoid causing sharp market volatility
- A few members said the BOJ should at some point in the future reduce bond buying amount, shrink its bond holdings
- A few members said BOJ March move is different from the monetary tightening phase experienced in US, Europe
- One member said BOJ should slowly but steadily move towards policy normalisation with an eye on economic, price developments
- A few members said while not a big risk now, there is chance of overshoot in Japan's inflation
The representative from the Ministry of Finance at the meeting chimed in:
- Expects BOJ to continue aiming for achievement of 2% inflation target in stable, sustained manner
- while wages, capex showing positive movements, consumption lacking strength, overseas risks exist
The representative from the Cabinet Office said:
- The government shares the BOJ's view that positive wage-inflation cycle is emerging
- BOJ must continue to support the economy for a financial standpoint to achieve sustained, domestic demenad-drive economic recovery
