BoJ Minutes: Japan’s economy is picking up

The Bank of Japan’s minutes for the September meeting minutes are released early Wednesday denoting that few members said need to be watchful to the impact of monetary tightening by some central banks could have on global markets.

Members agreed Japan’s economy is picking up. Several members said weak yen could hurt households, small firms and non-manufacturers. One member said weak yen has effect of pushing up domestic economic activity in long-term.

Some members said must expand inbound tourism, capex, hike wages to maximize merits of weak yen. One member said various indicators on trend inflation rising.

A few members said corporate price-setting behaviour may be changing. One member said expects prices to continue for wide range of goods. One member said must humbly watch without any preset idea risk of inflation overshooting expectations sharply, including from impact of foreign currency exchange.

A few members said there is still distance from Japan achieving BoJ’s price target in stable, sustained manner. One member said while BoJ needs to keep eye out on side-effects of monetary easing, no need to change policy immediately.