The Bank of Japan published minutes from its May 21 to May 22 monetary policy board meeting. At that time the MPB left its monetary policy unchanged by an 8 to 1 vote. It revised its economic assessment up slightly while at the same time warning about the downside risk from Europe's frail economy.
There was disagreement among Bank of Japan board members as to whether the bank's two-year-old aggressive easing is doing more harm than good to sustained economic growth. Some members said the board must closely monitor the April CPI after central Tokyo consume prices were weak in April (up 0.4 percent on the year).
Minutes follow monetary policy board meetings with a four to five week lag. For example, minutes released on June 19 were for the meeting held on May 21 and May 22.
Investors who want a more detailed description of Bank of Japan opinions will generally read the minutes closely. The MPB may issue a statement after its monthly meeting but the minutes will be much more detailed. In particular they will reveal who voted for and against the Committee's decisions and provide a more detailed description of the MPB's thinking. As such, the minutes are a market mover as analysts parse each word looking for clues to future policy.
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