BOJ "Summary of Opinions": Additional easing not needed

Omkar Godbole FXStreet Contributor

The key headlines from the Bank of Japan (BOJ) summary of opinions (sort of early minutes) of the July meeting concluded last week, are crossing he wires via Reuters and Bloomberg-

Additional monetary easing not needed, upward momentum in prices is intact
Should set a new JGB target of 45tln yen, then reduce
10-year target range should not be taken so strictly
Switching to a 0.1% rate applied to excess reserves and abolishing YCC could contribute to financial system stability
Will take longer than expected to reach the 2% inflation target as commodity prices and inflation expectations not firm
Main cause of weak prices is sluggish consumption making it difficult for firms to raise prices
There is some way to go before the labour market tightening leads to rise in wages and prices
Desirable to have in-depth discussion about whether appropriate to continue ETF purchases

Author

Omkar Godbole

FXStreet Contributor

Omkar Godbole, editor and analyst, joined FXStreet after four years as a research analyst at several Indian brokerage companies.

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