The Bank of Japan 'Summary of Opinions' from the June 2020 meeting give us the heads up not to expect anything at all surprising form the minutes due today.
I posted on the 'summary' back in June with the main headline points (via Reuters) being:
- Japan's economy under pressure from virus fallout but showing some signs of bottoming out
- prolonged negative impact from pandemic on global growth, japan economy, looks unavoidable
- delay in economic recovery could destabilise markets, potentially hurt financial system
- hard to project inflation approaching BOJ's 2% target in foreseeable future
- if slump in consumer inflation is prolonged, it could affect inflation expectations
- must guard against risk of Japan returning to deflation as pandemic hitting broad sectors of economy
- BOJ's current monetary easing framework is flexible one that can respond to various changes in economic developments
- BOJ has laid out sufficient schemes to respond to pandemic fallout, it can carefully examine the effects for time being
- must respond quickly if need arises to take additional policy measures
- must respond quickly if need arises to take additional policy measures
- must use all available tools boldly under current policy framework to protect businesses, jobs, market stability
There is zero to surprise in those headlines. The full text of the summary is here if you'd like more. I suspect there will be very little impact on the yen from the release of the minutes.
