• Many members said they hope the government steadily promotes fiscal reform
  • Credibility of fiscal management must be restored to keep intrest rates stable
  • Many members said BOJ’s huge buying is keeping yields low even as economy recovers
  • One member said bond yields may rise and erode the effect of BOJ easing if the government efforts on fiscal reform weaken
  • Many said price rises being observed across large range of itmes
  • A few projected Japan CPI to rise through summer then pause thereafter

USD/JPY barely budging, up just a fraction. It looks hemmed in by orders today.

Link to full text of the minutes:

Minutes of the
Monetary Policy Meeting
on August 7 and 8, 2013