BoJ Minutes: Most members agreed it is appropriate to continue easing consistently

Following the latest Consumer Price Index from Japan for December, we now have the Bank of Japan Minutes. 

BoJ Minutes

BoJ December Monetary Policy Meeting – Full Minutes

  • Risks to the economy and inflation Warrant attention.
  • A few members pointed out that households' short-term inflation expectations had declined since October due to the consumption tax hike.
  • One member said BoJ might need to ramp up stimulus to meet tax hike impact like it did half a year after previous sales tax hike in 2014.
  • A few members said it was necessary to examine carefully the side effects of monetary easing.
  • One member said BoJ should consistently scrutinize its policy framework as discussions about reviewing policy frameworks have become active at other central banks.
  • One member said introduction of inflation range target, as proposed by IMF, could be seen as weakening BoJs commitment toward achieving price target.
  • Some members said it was a matter of concern that leading indicators of CAPEX such as machinery orders had been showing some weakness recently.
  • A few members said need to pay close attention to how corporate profits affect winter bonuses, taking into account expected decline in profits at manufacturers.
  • One member said attention should be paid to whether recent rises in interest rates could hurt the effect of BoJ's stimulus policies.


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).

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