BOJ was cautious amid wage hike momentum
One member emphasized the growing momentum towards higher wages compared to the previous year, and others called for continued monetary patience.
The discussion focused on the need to ensure that the target price level is met sustainably before considering ending negative interest rates and controlling the yield curve.
One member said we are not in a position to fall behind the curve in raising interest rates, even if we decide to wait after seeing the results of the wage talk next spring.
And despite expectations of higher wages in the spring, one member reduced the risk of core inflation significantly exceeding 2%.
The debate also touched on the timing of monetary policy normalization, considering avoiding risks to consumption and meeting the price target.
