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


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: