Bank of Japan Summary of Opinions for the January monetary policy meeting

Reuters with some quick summary headlines:

  • Must continue powerful monetary easing as inflation remains weak
  • Must continue easing as may take quite some time to eradicate deflationary mindset
  • There may be chance BOJ must mull adjusting level of yield targets if economy, price moves continue to improve
  • If cut in BOJ's super-long jgb buying gave unintended signal on monetary policy, boj must correct that
  • BOJ's market operations won't signal future monetary policy path

I bolded what I reckon are the important ones ....

On this:

  • There may be chance BOJ must mull adjusting level of yield targets if economy, price moves continue to improve

I reckon that is significant. Up until now they've been pretty much saying an adjustment will come once inflation is stable around 2% ... but now saying something different! Now mentioning the economy and not just inflation. That should be a yen positive. Not too much though, its only a small change and the bank is still saying powerful easing to continue.

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Full text: Summary of Opinions at the Monetary Policy Meeting

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  • The summary of the meeting comes out a week-odd after the meeting, preceding the full minutes by 6 or so weeks
  • The January meeting was an on hold: No change to monetary policy

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