BoJ Minutes: Members shared view there was uncertainty over BoJ's projection

The Bank of Japan April meeting minutes have noted that the members agreed Japan's economy is likely to recover ahead.

Key notes

A few members said positive cycle in which rising income leads to higher spending gradually beginning to kick-off.

Members agreed impact of cellphone fee cuts on inflation likely temporary.

A few members said pickup in inflation likely to lack strength.

One member said corporate funding conditions remain severe among service-sector firms, may see an increase in solvency risks.

One member said must be mindful of any signs of increase in bankruptcy numbers.

Members shared view pace of vaccine inoculation and its effect uncertain, which may weigh on economic activity.

Members shared view there is chance stimulus steps taken by advanced nations may quicken pace of recovery for japan, global economies.

Members shared view there was uncertainty over BoJ's projection that japan's growth potential, financial intermediation will not be hurt from pandemic fallout.

USD/JPY reaction

There has been no reaction to the yen on the minutes. 

USD/JPY Price Analysis: Remains strong to meet daily confluence near 110.80