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The Bank of Japan’s (BoJ) Summary of Opinions shows the Japan central bank’s inner monologue from the bank’s most recent meeting.

Key highlights

Inflation to accelerate “gradually” towards the BoJ’s 2% target.

Price growth remains weak, as inflation struggles to meet the target.

The BoJ sees a necessity to maintain its easing policy.

BoJ to maintain monetary policy, but also watching for negative repercussions of hyper-easy policy.

Attention to be paid to keeping 10-year yields near zero, which could lead inflation away from 2% target.

BoJ should consider a more flexible range of yield moves and target maturity for JGBs.

The central bank must be “vigilant” that in case of a recession, regional banks’ profits are protected.

The monetary easing policy must be strengthened in efforts to induce policy coordination with the Japanese government.