The minutes of the BoJ meeting in July this morning confirm the members' agreement that the current monetary policy is more appropriate. The results of the meeting were as follows:
- Few members considered it appropriate for the Bank of Japan to adopt future guidance.
- Some members felt that the inflation target should be adhered to.
- Some pointed out that controlling the yield of long-term bonds in a more flexible way would contribute to maintaining market performance.
- One member said that allowing bond yields to rise somewhat would enhance the sustainability of the current policy.
- One member stressed that it was important to bear in mind that revenues could rise or fall below double the levels we have seen.
- There should be careful consideration when mentioning the scope of the revenue movement.
