BOJ Minutes: Appropriate to persistently continue with easing

The Bank of Japan (BOJ) is out with the minutes of its October monetary policy meeting, with the key highlights noted below.

Most members said it was appropriate to persistently continue with easing.

One BOJ member: Inflation momentum has already been lost.

Private consumption has been increasing moderate.

Members shared view it was becoming increasingly necessary to pay closer attention to chance momentum to hit price goal would be lost.

One member said there was relatively large room for easing among yields in short- to medium-term zone, and cutting short-term rate was appropriate means for easing.

Some members said comprehensive examination needed on chance financial institutions' profits could fall further, more of them would take excessive risks due to low-rate environment.

One member said BOJ must mull desirable policy response as delay in pick-up of overseas growth could hurt Japan’s economy, prices.

Most members said inflation likely to gradually accelerate towards 2%.

A few members said must pay attention to chance heightening overseas risks could narrow positive output gap, weigh on price growth.

USD/JPY trades modestly flat around 109.15 region at Tokyo open, as markets absorb the latest Global Times headlines amid ongoing trade optimism and broad USD strength. The BOJ minutes have virtually no impact on the JPY markets.