From the Bank of Japan Summary of Opinions for the December meeting
This 'summary' pre dates the minutes by many weeks.
Highlights (Headlines via Reuters):
- Risks to global economic outlook heightening, risk tilted to downside
- risks to Japan's economy tilted to downside, recent data could be signalling slowdown in China's economy
- Inflation moving in positive territory as output gap improves but impact of recent oil price falls on inflation a concern
- Inflation not picking up as expected, outlook remains uncertain
- Chance of steady improvement in output gap low, oil price falls likely to further delay achievement of price target
- Must carefully weigh benefits, costs of current policy to ensure it supports economic expansion without building up imbalances
- Normalising policy hastily before price goal met could increase side-effects of easy policy
- BOJ must tolerate temporary falls of long-term rates below zero pct
- Recent long-term yield falls driven by uncertainty over global economy, so trying to push it back up via market operations would be tantamount to monetary tightening
- See room to review current bond-buying operation stance
- Further fiscal and monetary coordination needed as it would be difficult to beat deflation if they move in different directions
Full text here:
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In addition to this from the BOJ we have had a stack of data from Japan already. yen is barely moved.
