The sting is taken out of the minutes somewhat by the 'Summary of Opinions' that BOJ Governor Kuroda writes just a few days following each meeting

(or so he tells us, it'll be one of his minions)

Anyway, highlights of the minutes, these via the folks at Reuters:

  • A few members said it was appropriate for the BOJ to adopt forward guidance, strengthen its commitment to achieve price target
  • Some members said controlling long-term yields in a more flexible manner would contribute to maintaining and improving market functioning
  • One member said allowing yields to rise somewhat would enhance sustainability of current policy
  • One member said it was important to bear in mind that yields might move up or down at double the range of levels seen since adoption of YCC
  • One member said there should be careful consideration when mentioning range of movement the BOJ will allow yields to make, as yield levels would "take on a life of its own"
  • One member said description that long-term yields might move to some extent was ambiguous, could lead to yields rising more than needed
  • Most members agreed to proposal Chairman Kuroda should make clear at briefing that yields would be allowed to move up, down at double the current range

Here is the full text in minute (sry) detail: Minutes of the Monetary Policy Meeting on July 30 and 31, 2018

There is nothing here new. yen is barely changed.

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ps. the July meeting summary is here

Oh and a further ps.