BoJ Minutes: Allowing 10-year yields to fluctuate in line with BoJ's current directive will help stabilise financial system

The Bank of Japan minutes have been released with the members agreeing that the BoJ must ease without hesitation if needed with eyes on a pandemic fallout on the economy. 

Full minutes

Key notes

Members agreed BoJ must ease without hesitation if needed with eye on pandemic fallout on economy.

One member said March review must check whether YCC, asset purchases are exerting intended effects.

One member said BoJ must scrutinise side-effects of easy policy such as its impact on financial intermediation, market functions.

One member said allowing 10-year yields to fluctuate in line with BoJ's current directive will help stabilise financial system.

One member said even if long-term rates are allowed to fluctuate more, impact on economic activity will be limited.