BOJ June policy meeting Summary of Opinions

The Summary of Opinions at the Monetary Policy Meeting on June 17 and 18, 2021 precedes the minutes for this meeting by many weeks. 

Headlines via Reuters:

  •  BOJ has approached time when it needs to show direction on what it
    can do on climate change via monetary policy
  • BOJ’s response on
    climate change must be tied to its mandate of achieving stable
  • BOJ must make its
    climate change scheme flexible one
  • BOJ can avoid
    getting directly involved in income distribution by back-financing
    loans, investment banks make on climate change
  • govt rep said BOJ’s
    plan on climate change is timely
  • Japan’s inflation
    likely to accelerate as pent-up demand begins to appear in latter
    half of this year
  • Japan’s prices
    likely to lack momentum despite support from rising commodity costs,
    improvement in demand
  • inflationary
    pressure likely to remain subdued in Japan due to sticky deflationary

I bolded the remarks on inflation. The BOJ pretty much always expresses a degree of optimism that inflation will rise, but for a decade or more they have missed their target by a long, long way and continue to do so. 

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