Minutes of the Bank of Japan Monetary Policy Meeting on January 22 and 23, 2024, full text here

  • Members agreed has not reached a stage where likelihood of achieving inflation target sustainably
  • Members shared the view that chances of achieving 2% inflation rising gradually, so if we can confirm virtuous cycle of wages and inflation, we would consider ending negative rates and other unconventional easing steps
  • Some members said upside risks of inflation greatly overshooting 2% target have become small
  • One member said if judgement on ending negative rates is delayed, that would hamper efforts to achieve 2% target and call for need of rapid tightening
  • One member said now is once in a lifetime opportunity to change monetary policy
  • One member said scope of monetary policy flexibility could be lower for japan once other countries head to cutting rates
  • Some members said appropriate to stop buying ETF, JREIT if achievement of inflation target can be foreseen
  • Some members said BOJ is not under pressure to accelerate rate hikes at pace that is seen in western countries


This all very dated of course given the Bank moved to tighten at the following, March, meeting.

The Bank of Japan meeting is on Wednesday and Thursday.