Bank of Japan April 2022 meeting minutes

Minutes are preceded many weeks in advance by the summary,:

Headlines via Reuters:

  • Board members agreed no change to BOJ's stance of taking additional easing steps without hesitation if needed
  • One member said rising raw material costs would hurt economy so must keep powerful monetary easing
  • One member said japan's monetary policy challenge is to address too-low inflation, unlike in western economies
  • One member said inappropriate to change monetary policy stance as Russia's invasion of Ukraine adds downside risks to japan's economy
  • One member said BOJ must remain mindful of the need to make its monetary framework sustainable as ultra-loose policy likely to be prolonged
  • Several members said forex should move in stable manner reflecting fundamentals
  • A few members said recent short-term excessive forex volatility could make it hard for firms to set business plans
  • Several members said must communicate to markets that BOJ conducts monetary policy to achieve price stability, not at controlling forex moves
  • One member said BOJ must look not at commodity, forex moves themselves, but the impact they have on economy and prices

  • One member said weak yen is positive for Japan's economy at a time like now, when output gap remains big, inflation trend is very low

Full text:

I posted earlier on these minutes:

The change from the Bank of Japan at this meeting was the announcement that the Bank would continue with unlimited bond-buying of 10-year JGBs at 0.25% every business day, unless it becomes clear such an offer would draw no bids. This move to affirm BOJ yield curve control has continued through to now. The most recent meeting, just last week, affirmed loose policy yet again, which has seen USD/JPY trek convincingly above 135. This comment was made by Captain Obviousafter the BOJ meeting last week:

  • will now set up another attempt at 135 later today or into the new week. This time it'll be attacked with much more vigour ... and should head higher