BoJ Summary of Opinions: Inflation to increase “gradually”

The Bank of Japan’s (BoJ) Summary of Opinions shows the Japan central bank’s inner monologue from the bank’s most recent meeting.

Key highlights

Inflation to accelerate “gradually” towards the BoJ’s 2% target.

Price growth remains weak, as inflation struggles to meet the target.

The BoJ sees a necessity to maintain its easing policy.

BoJ to maintain monetary policy, but also watching for negative repercussions of hyper-easy policy.

Attention to be paid to keeping 10-year yields near zero, which could lead inflation away from 2% target.

BoJ should consider a more flexible range of yield moves and target maturity for JGBs.

The central bank must be “vigilant” that in case of a recession, regional banks’ profits are protected.

The monetary easing policy must be strengthened in efforts to induce policy coordination with the Japanese government.

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