The Bank of Japan has released the ``main opinions'' of its monetary policy meeting held last week, and some members said that ``it is necessary to intensify discussions on exits.'' I found that there were a number of positive statements toward a shift in monetary easing measures.
While the Bank of Japan decided to maintain its current monetary easing policy at its meeting held on January 22nd and 23rd, there is little certainty that the 2% price stability target, which is a prerequisite for policy change, will be achieved. He expressed the view that it is gradually increasing.
According to the ``Main Opinions'' of the meeting published on January 31st, members said, ``Since achieving the price stability target is becoming a reality, it is important to intensify discussions on the exit.'' There were opinions such as, ``It is necessary,'' and comments such as ``The requirements for policy revisions, including the lifting of negative interest rates, are being met,'' as there is a high probability that the wage increase in the spring labor union will be at a higher level than before. .
In addition, regarding assets such as ETFs (exchange traded funds) that the Bank of Japan has been purchasing from the market, there is an opinion that ``It would be natural to stop purchasing once the sustainable and stable achievement of the 2% target is in sight.'' There was a series of statements that took steps toward policy change.
One member said, ``If we can follow up on the effects of the Noto Peninsula earthquake over the next one or two months and confirm the impact on the macro economy, it is likely that we will be able to conclude that we have reached a situation where financial normalization is possible.'' The Bank of Japan's decisions after its next meeting in March will be closely watched.