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BOJ board agreed inflation may overshoot expectations

by Mike Robinson

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© Reuters. FILEPHOTO: A protective mask-wearing man walks past Bank of Japan’s headquarters amid an outbreak of coronavirus disease, COVID-19, in Tokyo. This was May 22, 2020. REUTERS/Kim Kyung Hoon

TOKYO (Reuters] – Bank of Japan policymakers acknowledged that inflation might exceed expectations if businesses pass higher costs on faster timelines than anticipated, according to minutes of the January meeting.

Numerous members of the BOJ’s nine member board stated that they are closely monitoring developments in wages. Wages make up a significant part of service costs, and they determine how households will absorb price rises.

The BOJ increased its inflation projections at its Jan. 17-18 policy meeting but kept its huge stimulus, with prices growing far below its target of 2%.

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