BOJ minutes – policy Board says yet again it’ll will ease further if needed

Bank of Japan July 2020 meeting minutes.

Headlines via Reuters:
  • Board members agreed must ease further without hesitation if needed, with eyes on the impact of the pandemic on the economy
  • one member said must examine whether current policy framework is sufficient, act promptly if action is needed
  • one member said close, appropriate coordination between fiscal and monetary policies is crucial


  • members agreed there was risk financial intermediation could stagnate if financial institutions’ profits remain under prolonged strain
  • members agreed there was chance financial system vulnerability might heighten
  • one member said the BOJ must look more deeply into how monetary policy could be shaped in ‘with-corona’ world
  • one member said must scrutinise how monetary policy affects business management from medium-term perspective


more to come