Minutes of the October 6-7 Bank of Japan (BOJ) meeting.

  • Most BOJ members said: Will keep easing until 2% inflation stable
  • Most BOJ members said: Will make adjustments as appropriate

Headlines on Bloomberg

More added (via Reuters):

  • A few members said impact of negative treasury bill yields should be monitored carefully
  • Most members agreed that yen depreciation is having positive effect on the whole
  • A few members said if yen depreciation prolonged, could restrain offshoring of Japanese production
  • A few members said slowing inflation may be due to lack of momentum in private consumption
  • Some members said inflation might fall below 1 pct due to falling energy prices
  • Most members said inflation is likely to pick up again as output gap improves

Full text


  • Please note, these are the Minutes of the October 6-7 Bank of Japan (BOJ) meeting, after which the BOJ announced no changes. its not the Minutes of the October 30 meeting, from which the BOJ announced additional easing.
  • As such, these Minutes are interesting (maybe we’ll get an inkling of how Kuroda schmoozed other board members ahead of of the October 30 meeting) … but the real interesting ones will come in a few weeks time when we get last Friday’s minutes.

OK, so nothing much of note, not much of a reaction for the yen.

The comments from FastFt are spot on:

  • In the weeks before the Bank of Japan stunned investors with a massive expansion of its stimulus efforts, there was no sign of the action to come.
  • The general gist of the minutes is that monetary stimulus is working, the economy is rebounding, and the 2 per cent inflation target looks to be on track.
  • True, the minutes say BoJ would “make adjustments [to policy] as appropriate”, but the central bank had been saying this for at least a year.