Minutes of the Monetary Policy Decision Meeting 10 years ago are released. Response to BOJ deflation.July 31, 12:41.
The Bank of Japan published the minutes of the monetary policy meeting in the first half of 2010, when the Japanese economy was in a deflationary state. It can be seen that the government at the time strongly urged the Bank of Japan to take bold steps to overcome deflation and was having a difficult time.
Released are the minutes of eight monetary policy meetings held in the first half of 2010.
At the time, in the former Democratic Party government, just before November 2009, the government made a judgment that the Japanese economy had fallen into "deflation," and repeatedly sought the response to the Bank of Japan.
At the meeting in March 2010, President Gakuaki Shirakawa at that time also said that he was perplexed by the government's request, saying that "various demands are increasing, creating an environment in which calm discussions are difficult to create."
The BOJ has already implemented a low interest rate policy and the economy has begun to pick up from the so-called Lehman shock. Yes, we decided to take additional monetary easing.
However, we can see the internal situation at the time when the two committees opposed "it was not rational" and the internal disagreement became clear, and it was difficult to respond to the government's request.
Regarding monetary policy, it is a global principle that the central bank makes a judgment independent of the government, but when President Trump of the United States criticizes the policy of the Fed , Relationships are sometimes asked in the world.