The Minutes from the Bank of Japan October 6 & 7 meeting.
- BOJ easing is exerting intended effects
- Inflation trend will continue to improve
- Will continue QQE until 2% inflation is stable
- Will check risks and adjust policy as needed
Nothing new from the Minutes, which from a meeting that didn't change anything, and from the steadfast BOJ, is hardly a surprise. Yen doing little.
- One member said the marginal effects of QQE is diminishing
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More:
- Many members agreed underlying trend in inflation would continue to improve
- Many members said inflation expectations had been rising on the whole from somewhat longer-term perspective
- Members shared the view that while exports and output had recently been flat, domestic demand remained firm
More:
- oil affecting price expectations in the market
- Oil affecting price expectations among firms
- many members see CPI accelerating once oil impact fades
- oil will affect the timing of hitting 2% target
Yen still doing nothing
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The full text is here: Minutes of the Monetary Policy Meeting on October 6 and 7, 2015 [PDF 99KB]
