Investing.com - Some Bank of Japan board members warned that tough global competition and moves to produce locally for consumers are hitting exports, according to the minutes of June 12-13 policy meeting released Friday.
But the minutes also said the nine-member board agreed that while Japan's exports were "likely to increase moderately."
"A few members pointed to the possibility that structural factors such as the declines in Japanese firms' competitiveness and the shift of their production sites overseas could be influencing exports to a larger degree than expected," the minutes said.
"Some members pointed out that, taking into account the yen's depreciation to date, the shift of Japanese firms' production sites overseas was unlikely to accelerate further, and the results of a survey indicated that firms would increase the weigh on domestic investment in their fixed investment plans for
fiscal 2014."
At the June meeting, the BoJ decided by a unanimous vote to leave the bank's policy target unchanged as expected, maintaining its overall economic assessment.