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BOJ March meeting minutes: Economy continuing to recover gradually

As I posted earlier, we get a sneak preview of the minutes a week after each meeting

The BOJ publish a 'Summary of Opinions' after each meeting, the one for March is here: BOJ 'Summary of Opinions' (March meeting) - risk balance still down

So, to expect too much different today from the minutes ... well, no.

Anyway, headlines (via Bloomberg)

  • Economy is continuing to recover gradually
  • Most members agree to continue easing until 2% inflation stable
  • Most members agreed will take additional easing steps if needed
  • Inflation expectations weakened recently

Full text of the minutes here

More (via Reuters):

  • Some members noted that attention should be paid to fact consumer sentiment indicators had shown somewhat sharp deterioration due to market turbulence
  • Members agreed that underlying trend in inflation had been improving steadily
  • Some members said yr-on-yr increase in CPI, excluding fresh food and energy, would come in lower than previously projected from early spring
  • Some members said there had been adverse effects from adoption of negative rate policy, such as heightening anxiety among financial institutions and depositors over the policy
  • A few of these members said portfolio rebalancing under QQE with a negative interest rate had not necessarily exerted its intended effects
  • Govt rep said attention should be paid to increased uncertainty in overseas economies, effects of market fluctuations on Japan's economy
  • Govt rep said hoped BOJ to continue thoroughly explaining its negative rate policy, as this was somewhat technical and might be hard to understand for public

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OK, for those interested on learning a bit. Check out those last two headlines, the ones that begin 'Govt rep'

Those are comments from the government representative at the BOJ policy meeting.

Yes, that's right. The government send along someone to the meetings. the BOJ is not an 'independent' central bank as many understand that term.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.


The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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