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BoJ Minutes: Members agreed further policy rate increases were appropriate
Further insight into Bank of Japan (BoJ) board members’ views emerged on Thursday, covering the monetary policy outlook, according to the BoJ Minutes of the September meeting.
Members support further policy rate increases
Continuing to raise the policy interest rate and adjusting the degree of monetary easing remained appropriate, members agreed.
Moving the policy interest rate towards the target relatively soon would be preferable, one member said, while retaining the flexibility to make swift adjustments in either direction.
Demonstrating to markets the BOJ's determination to prevent upward deviations in prices through a nimble response to global economic conditions was important, one member said.
A Cabinet Office representative expects the central bank to account for its meeting decisions and scrutinise the cumulative impact of previous interest rate policies.
Should signs of increasing price deviations emerge, the bank would have to accelerate interest rate rises, one member noted.
Bank of Japan: frequently asked questions
Responsibility for setting Japan’s monetary policy rests with its central bank, the Bank of Japan (BoJ). Tasked with issuing banknotes and managing currency and monetary conditions, it seeks to maintain price stability through an inflation target of around 2%.
Against a backdrop of low inflation, the Bank of Japan introduced an ultra-loose monetary policy in 2013 to support economic activity and lift price growth. Underpinning this approach is Quantitative and Qualitative Easing (QQE): the creation of money to purchase assets, including government and corporate bonds, and inject liquidity. The bank stepped up its easing strategy in 2016, introducing negative interest rates before moving to direct control of the yield on its 10-year government bonds. A rise in interest rates in March 2024 marked an effective retreat by the BoJ from its ultra-loose stance.
The Yen weakened against its major currency peers as a result of the Bank’s extensive stimulus. That depreciation intensified in 2022 and 2023 as the policy gap widened between the Bank of Japan and other leading central banks. Those banks raised interest rates sharply to tackle inflation at its highest levels in decades. By maintaining its policy, the BoJ widened interest rate differentials with other currencies, putting downward pressure on the Yen. Some of that trend reversed in 2024 after the BoJ opted to move away from its ultra-loose policy stance.
Japanese inflation rose above the BoJ’s 2% target as the Yen weakened and global energy prices surged. Expectations of higher domestic wages, a key driver of inflation, also played a part in the decision.
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