A weekend article in the Nikkei, in brief:
- The BOJ Minutes released Friday quote one member of the policy board as saying that “in assessing medium-term price developments, attention should be paid to macroeconomic factors determining general prices, such as the output gap and expected inflation rates.”
- the source of the quote has not been identified, there is speculation it is one of the top three officials, and if so “the remark would carry greater weight”
The article goes on with greater detail of how the forecasts are reached, and i won’t go into that here (more at the link), but concludes (bolding mine):
- Pay too much attention to the microeconomic level, the member apparently wanted to say, and you may miss the macroeconomic dynamism at work. Macro trends, which determine general price levels, are important and are improving amid a tight supply of labor — particularly in the nonmanufacturing sector — and growing public expectations for inflation.
More at the link.
–
It would seem to argue against expectations for further near-term BOJ easing
