Bank of Japan April 2022 meeting minutes
Minutes are preceded many weeks in advance by the summary,:
Headlines via Reuters:
- Board members agreed no change to BOJ’s stance of taking additional easing steps without hesitation if needed
- One member said rising raw material costs would hurt economy so must keep powerful monetary easing
- One member said japan’s monetary policy challenge is to address too-low inflation, unlike in western economies
- One member said inappropriate to change monetary policy stance as Russia’s invasion of Ukraine adds downside risks to japan’s economy
- One member said BOJ must remain mindful of the need to make its monetary framework sustainable as ultra-loose policy likely to be prolonged
- Several members said forex should move in stable manner reflecting fundamentals
- A few members said recent short-term excessive forex volatility could make it hard for firms to set business plans
- Several members said must communicate to markets that BOJ conducts monetary policy to achieve price stability, not at controlling forex moves
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One member said BOJ must look not at commodity, forex moves themselves, but the impact they have on economy and prices
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One member said weak yen is positive for Japan’s economy at a time like now, when output gap remains big, inflation trend is very low
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