Bank of Japan minutes show members concerned about fiscal policy


Taking a page out of the Fed's book, many BOJ board members "expressed hope that the government [will] steadily promote steps to achieve fiscal consolidation," minutes from the central bank's August 7-8 meeting show.

Members also noted that long-term rates remained "more or less flat throughout the intermeeting period."

Nevertheless, "one member pointed out that, if the government's stance in terms of fiscal consolidation were to weaken ... long-term interest rates could rise", hindering the central bank's efforts.

Full release (.pdf)

Related: Citing no sources, the Asahi newspaper says Prime Minister Shinzo Abe "has decided the economic recovery is robust enough to withstand a planned sales tax increase," Reuters says.

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