Few Bank of Japan policymakers noted the central bank’s decision to defer the timing of hitting its inflation target somewhat reflects sluggish improvement in the output gap.
Based on the BOJ minutes, most officials do not share concerns regarding the output gap, but emphasized a pressing worry the central bank’s repeated delays of its 2% price target discredit the efficiency of its quantitative easing.
At their October 30 meeting, the BOJ pushed back the timing of meeting their price target by six months because of disappointing oil prices.
Meanwhile, policymakers said inflation is improving as the number of items in the consumer price index are declining.
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