Minutes of the BOJ January meeting out now

Author: Eamonn Sheridan | Category: Central Banks

The meeting in January of the policy board of the Bank of Japan saw no change 

Minutes now for the discussion. But bear in mind the 'Summary of Opinions' that comes out around a week after a meeting largely pre-empts the minutes. And since the januJanuary meeting we've had the March meeting (no change either)   ... so all in all these are a wee bit stale and not likely to shift the yen around much at all.

Later today, something to watch for is the scheduled Bank of Japan Japanese Government Bond buying operation 
  • 1-3, 3-5, 5-10 years
And without any further ado .... headlines from the Minutes
  • Most members said momentum toward hitting price target was being maintained
  • Most members shared view BOJ should persistently pursue powerful monetary easing
  • Some members said must monitor positive impact, side effects of policy including effect on financial system
  • One member said must pay attention to financial institutions' lending attitudes amid low interest rate environment
  • One member said the BOJ needs to consider adjusting rate levels if economic activity and prices continue to improve 
  • One member said BOJ should take additional easing steps given uncertainty on hitting price target
  • One member said it was undesirable to let market speculation heighten that BOJ may adjust monetary easing slightly at an early stage
  • One said there was room to use fiscal policy to overcome deflation 
  • One member said effects and side effects of BOJ's ETF buying must be examined from every angle

The yen is pretty much unchanged on the release of the minutes and also the data out at the same time: Japan - Core Machinery Orders (January): +8.2% m/m (expected +5.2%)

I know, you are shocked that the yen isn't moving. So am I.

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