BoJ Minutes: economy picking up, CPI to keep upward trend

FXstreet.com (Barcelona) - The BoJ monetary policy meeting minutes from the BOJ’s July 10-11 policy meeting came without any surprise, an outcome widely expected by the market, as the meeting saw no change in monetary policy, with the decision to leave the policy unchanged unanimous.

Key Quotes from the BoJ minutes

On the minutes, the Bank of Japan stated that "with regard to the outlook, Japan's economy is expected to recover moderately on the back of the resilience in domestic demand and the pick-up in overseas economies. The year-on-year rate of change in the CPI is likely to turn positive."

Regarding risks to the economic recovery, the central bank said: "There remains a high degree of uncertainty concerning Japan's economy, including the prospects for the European debt problem, developments in the emerging and commodity-exporting economies, and the pace of recovery in the U.S. economy."

BoJ added: "The Bank will continue with quantitative and qualitative monetary easing, aiming to achieve the price stability target of 2 percent, as long as it is necessary for maintaining that target in a stable manner. It will examine both upside and downside risks to economic activity and prices, and make adjustments as appropriate."