- A few members said now is not the time to change wording on monetary policy.
- Proposed to strengthen commitment to easing policy.
- Members shared view that exports and industrial production to remain relatively weak in FY 2012 due to slowdown overseas.
- Members agreed that economy is likely to grow above potential in FY 2013 as overseas economies pick up.
- Must raise asset purchases, mainly in JGBs to lower interest rates.
- Appropriate to buy wide range of risk assets.
- There should be no upper limit to lending facility.
Reaction details (02:07)
- USD/JPY moved up 12 pips in the following two minutes, trades 82.53 (+13pips) last.
- EUR/JPY rose hit highs of 107.14, which is 7-month high following the release of this minutes.
Analysis details (02:10)
- In their Oct. 30th meeting, we did see Bank of Japan expanded size of asset buying and lending programme by JPY 11trl to JPY 91trl, while kept overnight call rate target unchanged at 0-0.1% by unanimous vote.
- JPY weakness observed across the JPY asset classes due to the commitment of BoJ to meet its 1% inflation target and seeing appropriate to buy wide range of assets.
26 Nov 2012 - 01:50 - Forex Data - Source: Newswires
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