BoJ Summary of Opinions: Achievement of 2% inflation in a sustainable, stable manner in sight

“One member said the achievement of 2% inflation in a sustainable and stable manner seems to have clearly come in sight,” per the Summary of Opinions for Bank of Japan’s (BoJ) monetary policy meeting held in July reported Reuters.

The BoJ Summary of Opinions for July also cited one member as saying that the bank should conduct Yield Curve Control (YCC) with greater flexibility and thereby make preparations, so that it can successfully continue with monetary easing while nimbly responding to both upside and downside risks.

It’s worth noting that the Japanese Ministry of Finance (MoF) Representative also said, per the Summary of Opinions, that the BoJ must carefully explain to public its intention regarding changes proposed at this meeting.

The Cabinet Office Representative also said, per the Summary of Opinions shared via Reuters, “Government expects BoJ to conduct appropriate monetary policy toward achieving price stability target in a sustainable and stable manner while closely cooperating with them.”

Overall, the BoJ Summary of Opinions for the July meeting appears hawkish and weighs on the USD/JPY price.

Here's the official link of the BoJ Summary of Opinions for a detailed read.

USD/JPY retreats

USD/JPY fades the week-start corrective bounce while reversing from the intraday high to 141.80 by the press time of Tokyo open on Monday.