From the Bank of Japan Summary of Opinions at the Monetary Policy Meeting on September 21 and 22, 2023.

Headlines via Reuters:

  • One member said inflation likely to slow ahead
  • One member said inflation exceeding 2% but this is largely due to firms passing on higher import costs
  • Inflation likely to keep rising next fiscal year due to expected rises in transportation, public service fees
  • One member said seeing signs that positive cycle rising wages and inflation may be kicking off
  • One member said there is chance next year's wage growth may exceed that of this year
  • One member said given recent fx, oil price moves, there is chance inflation may not slow much and overshoot expectations
  • One member said no need to make additional tweaks to YCC as long-term rates moving fairly stably
  • One member said end to YCC, negative rate must be tied to success of achieving 2% inflation target
  • One member said to sustainably hit price goal, wage gains must become sustained and lead to inflation driven by service prices
  • One member said there is still some distance but japan nearing achievement of price target, so latter half of current fiscal year will be crucial phase in determining next year's price outlook, other factors
  • One member said cannot determine now timing of policy tweak as that will depend largely on economic, price conditions at the time
  • One member said BOJ's communication, guidance must be made in a way that does not constrain too much its freedom on timing, order of policy move
  • One member said it is important to prepare for exit from risk-management perspective as we could have clarity around January - March next year on whether 2% inflation target can be met in sustained, stable fashion
  • One member said side-effect of YCC remains even after steps in July to make it more flexible
  • One member said even if BOJ ends negative rate policy, monetary conditions will remain accommodative as long as real interest rates are negative

There is a lot of 'one member' in that lot. Which is hardly suggestive of a consensus on any of it.

USD/JPY is little changed:

usdyen summary 02 October 2023

Earlier from the BOJ: