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Bank of Japan December minutes show no hurry to ease policy further

Published 01/25/2015, 08:01 PM
Updated 01/25/2015, 08:03 PM
© Reuters. BoJ minutes released

Investing.com - The Bank of Japan board said that underlying trend in prices needs to be monitored more closely for expectations on inflation and wages, according to the minutes of its Dec. 18-19 meeting released Monday.

The minutes showed policymakers didn't think additional monetary easing was necessary even in the face of sharp drops in crude oil prices globally that is expected to see the year-on-year rise in consumer prices likely to decelerate further.

"One member said that the primary focus should be on the underlying trend in prices when considering the future conduct of monetary policy, and that the key was developments in inflation expectations in a broad context," the minutes said.

"Many members expressed the view that there had been steady progress in the conversion of the deflation mindset despite the further drop in crude oil prices and the decline in the actual inflation rate."

At its monthly policy meeting, the BOJ board decided by an 8 to 1 vote to leave the bank's policy target unchanged while board member Takahide Kiuchi remained opposed to the Oct. 31 easing. The board maintained its cautious growth and inflation outlook adopted nearly two months earlier.

"Some members said that, according to surveys conducted on households, firms, and economists, medium- to long-term inflation expectations had generally been maintained, and the December 2014 Tankan had shown that firm continued to expect a rise in the inflation rate," the minutes said.

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