MNI BRIEF: BOJ Dec Meeting Halted, Ministers Informed -Minutes
Government representatives requested the chairman adjourn the Bank of Japan’s December 19-20 meeting when it decided to expand the range around its 10-year yield target, the minutes released on Monday showed.
“The chairman approved the request. The meeting adjourned at 10:51 am JST (0151 GMT) and reconvened at 11:28 am JST (0228 GMT),” the minutes said. The BOJ shocked financial markets after the meeting concluded by widening its 10-year yield band to 50bp from 25 bp. (See MNI BOJ WATCH: Kuroda Dismisses Market Speculation On YCC Hike)
The minutes didn’t elaborate on why the representatives requested the adjournment but they appear to have informed high-ranking officials about the BOJ’s unexpected policy shift.
Kozo Akino, State Minister of Finance, said, “the government considered that the matters discussed today were aimed at conducting monetary easing in a more sustainable manner with a view to achieving the price stability target,” the minutes showed.
“The government considered that the matters discussed at this meeting were aimed at conducting monetary easing in a more sustainable manner with a view to achieving the price stability target. It deemed it important for the Bank to carefully explain its policy intention to the public,” said Satoshi Fujimura, State Minister of Cabinet Office.