• 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