BoJ 'Summary of Opinions'

The BoJ has just released the Summary of Opinions' for the June 15th and 16th meeting. Within them, the BoJ states that the Japan's economy has been turning toward a moderate expansion:

• Economic activity has been broadly in line with the projection. 
• The government expects that the Bank will work steadily toward achieving the price stability target of 2 percent in light of developments in economic activity and prices, as well as financial conditions.
• Increase in wages and prices have not been accelerating despite improvements incorporate profits, output gap.
• Increasing number of small and medium-sized firms are raising their wages, which is significant for achieving higher inflation.
• Remarkable improvement in CPI has yet to be seen, it would take some time for inflation to accelerate.
• Private consumption appears to be gaining momentum recently.
• Firms are concerned about the increase in fixed costs amid low growth expectations.
• The government expects the Bank to continue to work toward achieving the price stability target under "QQE with Yield Curve Control" in light of developments in economic activity and prices, as well as financial conditions.