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Bank of Japan February minutes show concerns on consumer price trends

Investing.com –

Investing.com – Consumer prices may flatten and real wages may also drop as a sharp drop in global oil prices takes its toll, the Bank of Japan said Friday in minutes released from its February 17-18 board meeting.

The remarks suggest continued concern over hitting a target of sustained 2% inflation this fiscal year even as economic growth looks more promising, bank board members said, adding that the pace of buying government bonds to support easing needs to be assessed.

“Some members pointed out that volatility in the JGB market had increased recently,” said the minutes.

They also showed, “A few members, noting that this reflected adjustment in market participants’ views on future interest rates, which had been tilted somewhat too much to the downside, expressed the view that QQE continued to steadily exert its intended effects as the yield curve remained at a low level.”

At the February meeting, the BOJ board decided by an 8 to 1 vote to leave the bank’s policy target unchanged while upgrading its assessment of exports and
factory output and warning consumption is slow to recover from the drag from the April sales tax hike.

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