Bank of Japan board members discussed progress toward their inflation target and the need to put together an exit strategy, according to a summary of views from the September policy meeting that will likely fuel expectations of change to come.
"Japan’s economy is getting closer to achieving the price stability target, although there is somewhat of a distance to go,” one board member said at the gathering, according to the summary released Monday. "Therefore, the second half of fiscal 2023 will be an important period for determining whether the price stability target will be achieved.”
The comments are likely to strengthen expectations among BOJ watchers that the central bank will adjust policy in early 2024 and that the BOJ is already giving early signals of the likelihood of exiting its ultraeasy policy.
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