BOJ Summary of Opinions from the January 30/31 meeting

Full text of the Bank of Japan summary is here

Headlines via Reuters:

• Will take some time for inflation to accelerate
• CPI likely to rise due to tightening of output gap, less pressure from commodities prices
• Very unlikely inflation expectations will increase significantly
• Momentum toward 2 pct price target maintained but not sufficiently firm
• BOJ should be prudent in changing monetary policy hastily
• Concerns over the BOJ's ability to control the yield curve could grow
• One member disagrees with the 10-yr JGB target around zero %, says the yield curve should be a little steeper
• BOJ should make clear daily market operations have no implication for future policy stance
• Uncertainties will persist for some time, including new US administration and Brexit
• Downside risks should be noted in the short run
• Positive developments include exports, consumption and capex

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The Summary is published a week after a Bank of Japan meeting. The summary precedes the full Minutes, the Minutes for this meeting are due on March 22

The post on the Statement from the meeting is here:

• Long story, short - BOJ is becoming more sanguine on its outlook for the economy, but no change to its forecasts for inflation except in the near term, where forecasts are for lower!