Bank Japan (Bij) has published a summary of the opinion from the March meeting of monetary policy, with key arrangements listed below.

Key quotes

One member said that inflation is a bit exceeding expectations.

One of the members said that wage increases in spring payroll conversations are somewhat exceeding the last numbers last year, and nominal wages are growing at a pace according to the achievement of the GUM price.

One member said that growing wages will probably be based on consumption.

One of the members said that there were questions whether the benefits of wages would be balanced.

One member said that global economic uncertainty is increasing.

One member said that increased uncertainty about the global economy may be one novel risk factor since our previous meeting in January.

One member said that the risk of inflation and deteriorating economic risk increases.

One member said that inflation underlying inflation is very likely that it will constantly accelerate in relation to 2%, taking into account the fixed price and the result of payroll conversations.

One of the members said that the policy of the novel US administration may affect price movements in Japan through fluctuations in markets and FX rates.

Market reaction

After summarizing the opinion, the BOJ USD/JPy pair increased by 0.14% on the day to trade at 155.30 in writing.