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The Bank of Japan’s minutes of the April meeting, released Tuesday showcased that some members are worried over the Japanese economy and believe that overseas economies continue to pose downside risks to Japan's economy and prices.
At the meeting which was held on April 27 to April 28, the BoJ held off on expanding monetary stimulus even as global headwinds, a strong yen and soft consumption threatened to derail Japan's fragile economic recovery. Members at the meeting said that the central bank is required to carefully examine the risks from overseas economies amid a turbulent global financial structure and ease monetary policy without hesitation if needed.
One member said the CB's decision to keep policy on hold at the April meeting should not be seen as the central bank changing its thinking on monetary policy, suggesting the member wished to avoid giving an impression the BoJ had become reluctant to ease.
But overall, members were sanguine despite lowering their consumer price forecasts, saying they could keep policy on hold because it would take time to see the benefits, Reuters reported.
Meanwhile, the central bank of Japan is expected to face volatility and external headwinds, if Britain votes to leave the European Union on June 23. Further, slow growth in emerging economies, coupled with the United States’ monetary policy, are further challenges that can tame the Japanese economy.
"In the past the BOJ has suddenly changed its message. One month they sound optimistic, but the next month they ease policy," said Norio Miyagawa, Senior Economist, Mizuho Securities.
Amid concerns of a slowdown in the Japanese economy, members also remained confident on the household and corporate sector, mentioning that spending would increase, leading to both, wage growth and higher consumer prices.
The BoJ had maintained status quo at its monetary policy meeting held last week, but it is expected to face a more critical gathering in late July when it again reviews its growth and inflation projections.
