- Consumer prices will likely continue to rise gradually
- Expectations on economy, prices, turned favourable
- One BOJ member said there is a risk of large rate fluctuations
- Several members said pace of gains in CPI could slow temporarily due to decline in energy prices
- Several members – reovery in external demand and manufacturing needed for sustained growth
- one member said low competitiveness among exporters could hamper Japan’s recovery
- members agreed to be cautious of big market moves in reaction to US monetary policy
- one BOJ member said sees government fiscal reform stance weakening
Link to report after the October meeting
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Little response in the yen to the release. the minutes are very dovish indeed (as would be expected) – if the last point becomes the BOJ view then we can expect further easing from them.
