BoJ Summary of Opinions: Member suggests easing adjustment if outlook is achieved

The Bank of Japan (BoJ) published the Summary of Opinions from its October monetary policy meeting on October 30 and 31, with the key findings noted below.  

Key quotes

BOJ member suggests easing adjustment if the outlook is achieved. 

BOJ member emphasizes the importance of monitoring the global economy, particularly the United States. 

BOJ member stated no change in stance, will adjust monetary support if forecasts are met. 

BOJ member maintains stance, will adjust monetary support if economic, price forecasts are met. 

Member urges vigilance on global economic outlook and market trends.

Member notes BOJ doesn’t need to signal ability to scrutinize risks. 

Risk of US hard landing subsiding, uncertain if markets stabilizing. 

BOJ member calls for clear communication on future policy rate hikes if forecasts are met. 

BOJ member advises caution and taking time in raising rates. 

Central Bank doesn’t need to signal they can “afford to spend time” examining risks. 

BOJ member suggests possible rate hikes in the near future, citing a lack of need for massive monetary support in Japan and need to monitor US economic developments.

BOJ member warns of possible market volatility increase due to US election outcome. 

BOJ member predicts a clearer trend in consumption growth with higher real wages.

Monetary support is to be adjusted if economic and price forecasts are met. 

BOJ member expresses concern about possible foreign exchange effects on prices.

BOJ member forecasts household acceptance of stronger Yen. 

BOJ member warns of delayed normalization if markets are shaken.  

Market reaction  

Following the BoJ’s Summary of Opinions, the USD/JPY pair is gaining 0.28% on the day to trade at 152.93, as of writing.