Bank of Japan published the protocol of the last meeting

The Japanese Central Bank released the protocol of its October meeting. The member discussed the circumstances in the economy and the degree of influence on it by weaker yen. The bank’s board members said the weakening yen is a positive factor for economic growth, as it stimulates an increase in exports. However, the degree of this influence is not as high as it was before. Most of the session member agreed that the Central Bank should persist to pursue a soft policy. Moreover, it can be softened even more if the condition in the country’s economy requires it. Inflation in Japan remains below the 2% target. In this regard, the Central Bank has no reason to tighten monetary policy. Even if inflation starts to rise, it will not exert significant pressure on the Japanese economy. Earlier this month, the Japanese government announced a decline in the country’s GDP for the third quarter by 3.6% on an annualized basis and 0.9% compared to the previous quarterly period.

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Arseny Kudrin

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