Bank of Japan policymakers remained unwavering in their resolve to keep massive monetary stimulus, even as some saw signs of change in the country's low-inflation environment, according to minutes of their March policy meeting
Several in the nine-member board said some big firms were raising wages and companies were more eagerly passing on rising raw material costs to households, which could put upward pressure on consumer inflation, the minutes showed.
"Unlike the United States and the United Kingdom, Japan was not in a situation where the inflation rate would likely exceed the BOJ's 2% price target in a sustained manner," some members were quoted as saying in the minutes. One member said the BOJ might even need to guard against a downturn in prices from the latter half of fiscal 2022 given uncertainty over the global economic and commodity price outlook, the minutes showed.
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