The "Summary of Opinions", a new communications initiative from the Bank of Japan

  • Full Minutes from the meeting are due February March 18
  • The 'summary' today is edited by Bank of Japan Governor Kuroda

OK then, on with the opinions ...

  • Necessary to preempt manifestation of risk that global market volatility hurts business sentiment
  • BOJ should reinforce QQE and increase available options for further easing in future by implementing additional measures in order to sustain credibility for monetary policy
  • In light of experiences in some European countries, BOJ has gained enough knowledge about effects of negative interest rates
  • Adopting QQE with negative interest rate will enable BOJ to demonstrate there is plenty of room for pursuing additional easing
  • Although risks are tilted to downside due to volatile developments in global financial markets, an immediate policy response is not necessary in this situation
  • Introduction of negative interest rate may give an impression to the market BOJ's monetary policy is approaching its limit
  • Don't think this is time to drastically change monetary policy as limited room for private-sector borrowing rates to decline further
  • BOJ should refrain from acting at this moment as this policy step is only appropriate in crisis situation, risks increasing financial system instability
  • Maintaining current pace of increase in monetary base and introducing negative interest rate at same time lacks logical consistency
  • I am concerned that introduction of a negative interest rate could lead to a competition with central banks in other countries to lower rates deeper into negative territory

  • Ministry of Finance representative said BOJ's step necessary to achieve price target, expect it to thoroughly explain its policy management

Quick Headlines via Reuters

more to come

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You may be noticing a wide range of opinions in those reported comments; not all in favour of the negative rate step. Recall the vote was 5-4 for their introduction, so yeah, it wasn't unanimous and there are plenty of conflicting views.

Oh ... notice also the comment from the representative of the Ministry of Finance. That's right ... government reps attend BOJ meetings.

So, I'm tapping my monitor on USD/JPY ... is this thing on?

Old photo. Kuroda has a lot more grey hair now. And, for the Aussies, does he look a bit like Dick Smith?