Minutes from November’s Bank of Japan monetary policy meeting offered little by way of new insight. Policymakers said the economy is picking up but still needs close monitoring. The bank reiterated that is would stand ready to respond promptly to market movements and promised to keep monetary policy “extremely accommodative”. A representative from the Ministry of Finance that sat in on the meeting urged the BOJ to recognize the risk of deflation, which seems to have come through in the central bank’s latest interest rate decision as well as December’s monthly report.
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