Bank of Japan Minutes for their meeting of July 14 and 15

  • Members shared view inflation expectations appeared to be rising on the whole from a somewhat longer-term perspective
  • One member said cut price forecast as pace of improvement in output gap was likely to remain moderate, inflation expectations appeared to be declining somewhat
  • Aanother member said recent pace of improvement in output gap was moderate, rising food costs could weigh on consumption
  • A few members said effects of monetary easing on lowering real interest rates were diminishing M
  • Members shared view overseas economies, particularly advanced economies, would continue to recover moderately
  • Members shared view emerging economies would continue to lack growth momentum for the time being, with uncertainty remaining at a high level
  • A few members said if Chinese economic growth were to decelerate further, the effects on Japan's exports warranted attention

Quick Headlines via Reuters

USD/JPY popped a handful of points and is back to where it was prior:

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Also, data out at the same time as the minutes:

  • PPI for July -3.0% y/y (expected -2.9%, prior was -2.4%)
  • And -0.2% m/m (expected -0.1%, prior -0.2%)