BOJ Summary of Opinions (Sept 20/21 meeting) — best to maintain current policy

This ‘Summary’ precedes the minutes (which are not due until November 6)

  • Best way to achieve price goal is to patiently maintain current easy policy
  • BOJ must be ready to take necessary action if geopolitical risks heighten and threaten to revive deflation
  • BOJ needs to ease policy further to prop up demand given expected impact on economy from scheduled sales tax hike
  • Chance of inflation
    accelerating toward 2% from next year is low

Those quick summary points are via Reuters. Board members sound deflated (sry) 
The full text is here:

  • Summary of Opinions at the Monetary Policy Meeting on September 20 and 21, 2017

—Here are the decisions/statement from the set meeting:

  • BOJ announce no change in policy, as expected

—Its been a busy morning for data from Japan:

  • Japan Industrial Production (August preliminary): 2.1% m/m (expected 1.8%)
  • Japan Retail Trade (August): -1.7% m/m (expected -0.5%)
  • Japan inflation data — National CPI for August: 0.7% y/y (expected 0.6%)
  • Overall Household Spending (August): 0.6% y/y (plus jobs data)

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