• Said one member buying more risk assets as well as JGBS will have positive impact on economy.
  • BOJ should mull raise to affect FX market by heightening inflation expectations.
  • Members agreed Japan’s economic recovery would be delayed considerably compared with April forecast.
  • BOJ should act now instead of waiting till October 30th if economic downturn already evident.
  • Credibility of BOJ policy would be undermined if policy response was behind the curve.
  • Most members said negative effect of U.S. fiscal cliff on Japan’s economy might increase toward year end.
  • Said must carefully watch whether yen rise, share fall hurt CAPEX, consumption.
  • MOF representative said sharp yen rise poses sever risk to Japan’s economy.
  • Said Government will take decisive on FX if needed.