BOJ October meeting summary – USD/JPY little changed in response

Bank of Japan Summary of Opinions report from the most recent meeting, back on October 30 and 31.

Some of the main points, there is little surprising here at all, or ion the full document, linked below.

  • Sustainable and stable achievement of the price stability target is not yet envisaged with
    sufficient certainty at this point, and thus the Bank needs to patiently continue with monetary
    easing under yield curve control.
  • will continue with the framework of yield curve control and the
    negative interest rate policy, at least as long as it is necessary for maintaining the price
    stability target of 2 percent in a stable manner.
  • To confirm that this aim has been achieved, it
    is necessary to carefully examine future developments in wage hikes and whether the
    virtuous cycle between wages and prices is operating from both sides.
  • extremely high uncertainties surrounding economies and financial markets at home and
    abroad, it is appropriate for the Bank to increase the flexibility in the conduct of yield curve
    control, so that long-term interest rates will be formed smoothly in financial markets in
    response to future developments.
  • there is still a distance to go before achieving the 2 percent target with the virtuous cycle
    between wages and prices, it is important for the Bank to keep supporting the momentum for
    wage hikes through continuation of monetary easing.
  • In this situation, the Bank should
    maintain the framework of yield curve control while modifying the conduct of it.

Full text:

Summary of Opinions at the Monetary Policy Meeting on October 30 and 31, 2023

From the meeting day:

Bank of Japan Governor Ueda

This article was written by Eamonn Sheridan at Source