Earlier from Japan:
From the minutes, Headlines via Reuters:
- Members agreed must patiently maintain easy policy
- Many members said
must confirm positive wage-inflation cycle in order to consider
ending negative rates, YCC - A few members said
decision on whether positive wage-inflation cycle is in place must be
made comprehensively, not at looking at particular data - A few members said
don’t see risk of BOJ being behind-the-curve, can wait for
developments in this spring’s annual wage talks - One member said even
if wage hikes in 2024 overshoot expectations, risk of trend inflation
sharply deviating 2% was small - One member said
japan’s inflationary pressure subsiding, important to carefully
scrutinise wage, price moves - One member said BOJ
can spend ample time determining wage-inflation cycle as it has
already addressed side-effects of YCC - One member said
timing to normalise monetary policy was nearing - One member said BOJ
must not miss opportunity to change policy to prevent rising
inflation from hurting consumption - This member said
risk of inflation rising too much and requiring sharp monetary
tightening was small, but if this happens the cost would be enormous - Members agreed what
means, and what order, BOJ would end negative rates and YCC must be
decided looking at economy, price, market moves at the time
Full text is here:
Collapsing inflation will be a conundrum for Bank of Japan Governor Ueda.
This article was written by Eamonn Sheridan at www.forexlive.com. Source