BOJ July minutes. There is not a lot of conviction on inflation, wage rises in these.

From the minutes release, headlines via Reuters:

  • Members shared view market sentiment remains cautious, global slowdown fears heightening
  • A few members said price rises are broadening in japan
  • One member said wage pressures heightening
  • A few members said consumer inflation to slow next fiscal year unless commodity prices continue to rise
  • One member said japan is seeing an increasing chance of achieving sustained rise in inflation
  • Members shared view must closely watch financial, fx market moves and their impact on economy, prices
  • Members shared view rapid moves seen in fx market, must watch carefully impact of such moves on inflation
  • one member said weak yen pressure may ease as global economic slowdown weighs on global inflation, leads to lower long term rates
  • one member said the downtrend in the yen may change into an uptrend is the global economy faces a shock


These are a bit wishy-washy. They are also from July. They are also preceded by the Summary. Still, FWIW there is little indication of any pivot from the BOJ here. As expected.

Those last two points on the weak yen have not aged well.

Full text: Minutes of the Monetary Policy Meeting on July 20 and 21, 2022

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