Bank of Japan Minutes of June monetary policy meeting released now. Headlines:
- Most members shared view that the BOJ would continue with QE to achieve the price stability target of 2 percent, as long as necessary
- Members shared view that impact of QE is firmly taking hold, supporting firms’ and households’ spending
- Members agreed that geopolitical risks continue to warrant attention
- Some members said decline in interest rates worldwide might reflect weaker outlook for mid- to long-term growth
- Members agreed Asian economies likely to lack momentum because of weak demand, especially in Thailand
- Members shared view that the economy continues to recover moderately as a virtuous cycle among production, income and spending continued to operate
- Members agreed that Japan’s exports had leveled off but were likely to increase moderately, mainly due to a recovery in overseas economies
- Members concurred that private consumption was likely to remain resilient as a trend, supported mainly by improvement in the employment and income situation
- Members shared view that CPI, excluding sales tax hike, is likely to rise around 1.25 pct yr/yr for some time
Full transcript: Minutes of the Monetary Policy Meeting on June 12 and 13, 2014 [PDF 105KB]
Headlines via Reuters
