The Bank of Japan 'summary' precedes the minutes by months.
- Says the current policy framework is hoped to serve for many years ahead as the basic guidance for mon pol easing
Headlines via Reuters:
- ensuring current policy framework can be sustained in stable fashion is important in pledging to keep monetary policy loose
- BOJ can show in advance steps to mitigate side-effects that may arise if it were to ease policy further
- BOJ must heighten transparency of its policy by clarifying band at which it allows long-term yields to fluctuate
- desirable to give long-term yields flexibility to move up and down 0.25% around BOJ's target from standpoint of stabilising market pricing
- BOJ must rigidly apply new range around its yield target partly by using its new market operation tool
- desirable for BOJ to buy ETFs in flexible manner
- BOJ's commitment on monetary base plays key role in showing its determination it won't easily head toward exit from ultra-loose policy
- appropriate for BOJ to tweak its commitment to clarify what action it will take in achieving price target
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Of interest given the changes made at this meeting the JGB target band and ETF purchases and other matters.
From the day of the BOJ policy meeting and Kuroda's press conference:
