- members agreed economy has started to pick up
- reaching 2% in 2 years is hard, could lead to speculation BOJ will ease for a long time
- Timeline may be upsetting bond market expectations
- One member should limit QE to 2 years as could cause financial imbalances
- One member said limiting QE could help stabilise JGB market
- Massive JGB buys restraining upwards yield pressure
- Several members said need to monitor impact of the Fed’s tapering debate
BOJ minutes from May 21-22 … as expected, there isn’t too much in them
!"#$%&'()*+,-./0123456789:;<=>?@ABCDEFGHIJKLMNOPQRSTUVWXYZ[\]^_`abcdefghijklmnopqrstuvwxyz{|} !"#$%&'()*+,-./0123456789:;<=>?@ABCDEFGHIJKLMNOPQRSTUVWXYZ[\]^_`abcdefghijklmnopqrstuvwxyz{|}