BOJ “Summary of Opinions” of the Monetary Policy Meeting on March 18 and 19 – full text

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