BOJ meeting minutes are preceded, by many, many weeks, but the ‘Summary of Opinions’ of the meeting

Which makes the minutes usually rather stale news. And, even more so this time given the results of the huge Bank of Japan policy review were released alongside the March meeting statement only last week.

Super secret!

BOJ meeting minutes are preceded, by many, many weeks, but the 'Summary of Opinions' of the meetingHeadlines via Reuters:
  • members
    agreed the BOJ must ease without hesitation if needed with eye on
    pandemic fallout on economy
  • one member said march review must check
    whether YCC, asset purchases are exerting intended effects
  • one member said BOJ must scrutinise
    side-effects of easy policy such as its impact on financial
    intermediation, market functions
  • one member said allowing 10-year yields to
    fluctuate in line with BOJ’s current directive will help stabilise
    financial system
  • one member said even if long-term rates
    are allowed to fluctuate more, impact on economic activity will be
    limited
  • one member said must seek ways to avoid
    excessive flattening of yield curve, increase scope to cut rates
    without hesitation if needed
  • one member said BOJ must discuss strategy
    for achieving its 2% inflation target
  • one member said BOJ must seek ways to
    guide its policy that assist efforts toward digitalisation,
    carbon-free society
  • one member said it is not easy to use
    monetary policy to address structural challenges to economy

This one … 

  • one member said BOJ must discuss strategy for achieving its 2% inflation target

makes me wonder what they’ve been doing up to now then? 

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