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The Bank of Japan (BoJ) board members shared their views on the monetary policy outlook on Tuesday, per the BoJ Minutes of the January meeting.
Key quotes
Most Board of Japan members expressed the recognition that the likelihood of realizing the outlook had been rising.
Some members recognized real interest rates were expected to stay significantly negative even after the rate hike.
Risk price expectations may surpass 2%.
Most members expressed the recognition that the likelihood of realizing the outlook had been rising.
One member expressed the view that, if underlying inflation increased, the BOJ would need to raise the policy interest rate accordingly in a gradual manner.
One member continued that it would be necessary for the BoJ to adjust the degree of monetary accommodation from the viewpoint of avoiding the yen’s depreciation and the overheating of financial activities.
One member said it would be desirable for BoJ to bear in mind that the policy interest rate should be at around 1% in the second half of fiscal 2025.
Market reaction to the BoJ Minutes
At the time of writing, USD/JPY was up 0.02% on the day at 150.74.
