Bank of Japan board members discussed progress toward their inflation target and the need to put together an exit strategy, according to a summary of views from the September policy meeting that will likely fuel expectations of change to come.
“Japan’s economy is getting closer to achieving the price stability target, although there is somewhat of a distance to go,” one board member said at the gathering, according to the summary released Monday. “Therefore, the second half of fiscal 2023 will be an important period for determining whether the price stability target will be achieved.”
Some board members flagged the risk of inflation deviating above their baseline scenario. Those remarks point to the likelihood of another upward revision in BOJ’s quarterly outlook report later this month. Another revision higher in the price outlook could be used to support further policy tweaks including a scrapping its yield curve control program this month, according to some economists.
The release of the summary follows a speech Saturday by Governor Kazuo Ueda in which he said the size of the BOJ’s balance sheet would not impede policy changes such as an exit. While the governor said there was still some distance to the target, the speech fits in with a picture of the BOJ starting to tentatively pave the way toward a departure from its massive stimulus program.
The stance of Japan’s biggest union group on next year’s pay demands will become clear in the coming weeks while the initial results of spring wage talks will be announced in mid-March after a series of announcements from major companies.
France Dernières Nouvelles, France Actualités
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