The Bank of Japan published the minutes of its September meeting, with one policy board member noting that it had entered a new phase requiring discussion of the size of rate hikes. Many members reportedly indicated that they wanted the discussion to be examined in greater depth.
The minutes of the Bank of Japan’s September meeting show that one policy board member expressed the view that it had entered a new phase requiring discussion of the size of rate hikes. The publication of the minutes indicated that the focus of the meeting’s discussion may be shifting toward the appropriateness of the size of rate hikes.
In response to this observation, several members at the meeting appear to have shared the view that discussion of the size of future rate hikes should be deepened. While the minutes do not explicitly state a specific outlook or conclusion, they convey that discussion surrounding the conduct of monetary policy under current conditions had become more active.