Bank of Japan monetary policy meeting minutes for the June 17 & 18 meeting.

Headlines via Reuters:

  • members agreed economy to recover as impact of pandemic gradually subsides
  • one member said impact of semiconductor chip shortage on output could last longer than expected
  • members agreed consumption is stagnating due largely to downward pressure on services spending
  • members agreed consumption to remain subdued for time being, pick up thereafter as vaccinations proceed
  • one member said inflation likely to accelerate in latter half of this year due to pent-up demand
  • one member said inflation likely to lack strength as firms remain reluctant to pass on higher costs to customers

Full report is here

The minutes tend to tell us nothing about present conditions that are not blindingly obvious already, and as for future expectations, these tend to be overly optimistic ... they've been seeing inflation accelerating in the future for years and years and yet here we are. Yen FX rate more or less ignoring them.