• Members expressed the view that it was appropriate for the Bank of Japan (BOJ) to continue to steadily pursue QQE, as such easing had been exerting its intended effects
  • Members shared recognition QQE effects continued to firmly take hold
  • Members shared the recognition that, in a situation where nominal interest rates had been stable, real interest rates were declining on the back of a rise in inflation expectations
  • Government representative said supply-side constraints had surfaced in the form of labor shortages, due to the current sustained economic recovery
  • Members shared view global markets had been calm on whole though some nervousness observed reflecting geopolitical risks such as Ukraine
  • Some members said recent US, European long-term rate falls may reflect market awareness of weaker outlook for medium- to long-term economic growth
  • Members shared view overseas economies, mainly advanced economies, would recover moderately
    members concurred that growth momentum in the ASEAN countries remained weak
  • Members agreed that exports were likely to increase moderately, mainly against the background of the recovery in overseas economies

Quick headlines via Reuters

Here’s the full text: Minutes of the Monetary Policy Meeting on May 20 and 21, 2014

Yen unmoved on the release

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I’ve searched I can’t find a ForexLive report on the May meeting of the BOJ, but Mike did have coverage of Kuroda’s press conference: