The Bank of Japan (BoJ) Board members shared their views on inflation and monetary policy outlook, per the BoJ Minutes of the January meeting.
Key quotes
“Members agreed on the rising likelihood of hitting the Bank’s inflation target, the prospect of doing so was gradually rising.”
“Virtuous cycle of wages and inflation, if confirmed, means members would consider ending negative rates and other steps.”
“Upside risks of inflation greatly overshooting to the topside has become small, according to some members.”
Market reaction
Following the BoJ Minutes, USD/JPY was down 0.12% on the day at 151.28
Source: https://www.fxstreet.com/news/boj-minutes-rising-likelihood-of-hitting-inflation-target-202403250012