• There was some difference in tone within board on view of heightening global uncertainty
• Some on board felt risks regarding Europe have heightened compared with 3 weeks ago
• Others (the imbeciles) felt risks regarding Europe have not changed much in past 3 weeks
• View that risks regarding Europe have heightened in past 3 weeks was not a predominant one within board (oh well)
• Worries about Europe debt crisis have not been removed (no shit sherlock)
• Important for European banks to boost capital base
• Europe debt woes already affecting growth in emerging economies
• Thai flooding will likely be noticeable drag on Japan exports, output
• Japan banks not immune from impact of Europe debt woes if they trigger big market turmoil
• Europe debt would hurt Japan’s economy by driving up yen on safe-haven demand
• Wrong to assume Japan’s long-term rates will stay at current low level permanently