Full text is here:

Minutes of the Monetary Policy Meeting on November 18 and 19, 2014 [PDF 86KB]

Some of the headlines on Reuters, highlights from the Minutes:

  • Members shared the recognition that possibility of low inflation rates becoming entrenched in euro zone warranted attention
  • Many members said Q3 GDP was indication of weak rebound from Q2 slump but virtuous cycle from income to spending continued to operate for households, corporate sectors
  • A few members said decline in energy prices was likely to positively affect private consumption as it would work to increase real income
  • Many members noted that indicators such as those of consumer sentiment showed that such sentiment had become somewhat cautious recently
  • Many members said fall in energy prices was likely to exert downward pressure on the CPI for the time being
  • Members reaffirmed it was extremely important to ensure the credibility of fiscal management
  • Government representative said the government takes seriously BOJ members’ call for importance of ensuring credibility in fiscal management, and acknowledged it would work to ensure such credibility

On that final point … the “Government representative said the government … “. Yes, you read that right – there are government representatives present at BOJ meetings. I don’t know if he (actually, they) bring a baseball bat into the meeting though.

Nothing much to surprise the markets in the Minutes

USD/JPY around 120.40 and EUR/JPY 146.79

Some data released at the same time … PPI Services for November: 3.6%

  • (expected was 3.5% and prior was 3.6%)

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Later in the session, at 0345GMT, Bank of Japan (BOJ) Governor Kuroda speaks in Tokyo.He will be addressing the Keidanren business group and speaking on the state of the economy.