JP: BoJ MPB Minutes

Wed Dec 23 17:50:00 CST 2015

The Bank of Japan published minutes from its November 18 and 19 monetary policy board meeting. At that time, the BoJ maintained its monetary policy with an interest rate range of zero to 0.1 percent and its quantitative easing program. The vote was 8 to 1.

Some monetary board members said that corporate executives remained cautious about raising wages as they saw record high profits as led mainly by the weak yen and the improvement in terms of trade as a temporary phenomenon. This view is clouding the BoJ's hope that wages will rise, a crucial factor for strengthening the underlying trend of prices and achieving the 2 percent inflation target.

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.

Once Every 3-4 weeks.