BoJ Minutes: Members agreed japan's economy expected to recover

Bank of Japan January meeting minutes are trickling through as follows:

BoJ minutes key notes

Members agreed Japan's economy expected to recover.
    
Members agreed Japan's inflation likely to slow toward latter half of next fiscal year.
    
One member said there is good chance inflation will remain fairly elevated.
    
One member said corporate pass-on of costs will likely peak out in the latter half of this year.
    
Members shared view underlying rise in inflation likely to lead to sustained price rise backed by wage hikes.
    
One member said Japan's economic recovery may slow given uncertainty on overseas developments.

Members agreed there was risk inflation, wages could rise more than expected.
    
Members agreed there was also risk inflation that could undershoot expectations if wage hikes do not proceed much.

Members shared view BoJ must be vigilant to impact on japan's prices of global high inflation, sharp fx volatility.

USD/JPY update

The price has broken the neckline resistance of the prior M-formation and this is a bullish development. 

However, the W-formation could be a drag on the price on the way to higher levels and a break towards 135.00 as targeted in the prior analysis written here. 

About the Bank of Japan

The Bank of Japan publishes a study of economic movements in Japan after the actual meeting. These meetings are held to review economic developments inside and outside of Japan and indicate a sign of new fiscal policy. Any changes in this report tend to affect the JPY volatility. Generally speaking, if the BoJ minutes show a hawkish outlook, that is seen as positive (or bullish) for the JPY, while a dovish outlook is seen as negative (or bearish).