- There was some difference in tone within board on view of heightening global uncertainty
- Some on board felt risks regarding Europe have heightened compared with 3 weeks ago
- Others (the imbeciles) felt risks regarding Europe have not changed much in past 3 weeks
- View that risks regarding Europe have heightened in past 3 weeks was not a predominant one within board (oh well)
- Worries about Europe debt crisis have not been removed (no shit sherlock)
- Important for European banks to boost capital base
- Europe debt woes already affecting growth in emerging economies
- Thai flooding will likely be noticeable drag on Japan exports, output
- Japan banks not immune from impact of Europe debt woes if they trigger big market turmoil
- Europe debt would hurt Japan’s economy by driving up yen on safe-haven demand
- Wrong to assume Japan’s long-term rates will stay at current low level permanently
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