The Bank of Japan announced the minutes of the monetary policy meeting held in July this year, and the policy members said that the current price rise was temporary and that it was the key to achieving the 2% price target sustainably. It was pointed out one after another that it is necessary to thoroughly analyze trends in wage increases.

At the monetary policy decision meeting held for two days until July 21, the Bank of Japan raised the outlook for prices for this fiscal year to +2.3%.

Although the BOJ's target of 2% has been reached, according to the minutes of the meeting, several members said at the meeting that "the rise in prices is mainly due to the increase in imported raw materials, and the rate of increase will decline from the next fiscal year onwards." In his outlook, he acknowledged that the current price rise is temporary.

On that basis, it was pointed out that the BOJ is aiming for a virtuous cycle between wages and prices, and that there is still a long way to go to achieve that goal. rice field.

Furthermore, in order to achieve the price stability target of 2 percent, the members will thoroughly analyze trends in wage increases, saying, "It is necessary to accurately grasp the distribution and changes in wage trends using statistics." There were many opinions that it was necessary.

In addition, several people pointed out that the BOJ should explain its thinking more carefully than before regarding continuing monetary easing even when the actual inflation rate exceeds the target.

On the other hand, they shared the view that "it is necessary to pay close attention to the effects of the rapid depreciation of the yen on Japan's prices."