An analyst at Reuters says the BOJ January monetary policy board meeting saw heated debate.

Such a take on the mood of the meeting is not obvious from the Summary published earlier:

There were disagreements, of course. That's what policy meetings are to discuss. But as to 'heated' its hard to tell.

Reuters main points of the meeting:

  • Most saw it appropriate to maintain current easy policy incl YCC
  • Crucial to generate positive economic, price cycle to achieve targets
  • Yields must be kept from rising being mindful of bond mkt functioning
  • Must take more time to gauge impact of December tweak to JGB band
  • When time for exiting ultra-easy policy, must gauge market impact
  • Review of policy necessary at some point but not now
  • Japan inflation likely to slow towards latter half of year
  • Cost-push pressures already starting to ease
  • Tokyo now seeing no immediate change in policy post-Kuroda in April
  • Next policy tweak possible in summer
Bank of Japan Governor Kuroda
Bank of Japan Governor Kuroda