The BOJ's 'Summary of Opinions' precedes the Minutes
We won't get those for a number of weeks from now, so this summary is sort of a Minutes 'Lite', they do give us some of idea of the discussion that took place
There were quite a few changes ushered in for policy at this meeting, so the 'Summary' will be of interest
- A long-run relationship between monetary base and inflation expectations is not observed, while short-run relationship may have appeared via forex rates
- Maintaining soundness of financial institutions in Japan is important from perspective of global financial system stability
- Reduction of financial institutions' lending margins are not attributable merely to QQE but also to structural problems
- BOJ should strengthen monetary easing based on comprehensive assessment to boost private consumption
- inflation-overshooting commitment, yield curve control are paradigm shift in monetary easing
- If judged necessary for achieving price stability, BOJ should respond flexibly, including modifications to its policy framework
- It is natural consequence amount of BOJ's JGB purchases may fluctuate, either upward or downward, to hit yield target
- Current 10-yr JGB target is set as operating target until next policy meeting
- BOJ does not intend to peg 10-yr JGB yields at this level for long in the future
- It is uncertain whether pace of JGB purchases will slow down as intended and sustainability of monetary easing consequently improve under yield curve control
Quick Headlines via Reuters
more to come
"Doomed". You spell that with two os and two ms, right?
