Monetary Policy Meeting Minutes at the Bank of Japan - October 2024

The Bank of Japan published the minutes of the Monetary Policy Committee meeting for October on October 30 and 31, and the main points included in the minutes regarding the committee members' opinions are:

• A shift towards easing changes in monetary policy if expectations are met.
• It is essential to monitor the global economy, particularly the United States.
• One member believes there should be no change in monetary policy stance unless expectations are met.
• The Bank of Japan must be vigilant regarding global economic forecasts and market trends.
• The Bank of Japan does not need to emphasize its ability to scrutinize risks.
• There is a clear diminishing of the risks of a sharp downturn in the United States, as well as uncertainty regarding market stability.
• There should be clear communication regarding future interest rate increases if expectations are met.
• One member believes that the Bank of Japan should exercise caution and delay in raising interest rates.
• The Bank of Japan does not need to state that it can take the necessary time to assess and study risks.
• A member of the Bank of Japan suggests raising interest rates in the near future, indicating that there is no need for massive monetary support in Japan and the need to monitor developments in the U.S. economy.
• A member warns of potential increased market volatility due to the outcome of the U.S. elections.
• A member of the Bank of Japan expects a clearer trend in consumption growth with rising real wages.
• A member expresses concern about the potential impacts of exchange rates in the Forex market on prices.
• A member expects households to accept a stronger yen.
• A member warns against delaying the normalization of monetary policy if markets are shaken.