Only one member of the Bank of Japan's nine-member Policy Board opposed introducing quantitative monetary easing by pumping up the money supply at its March 19 meeting, according to the minutes the meeting released Tuesday.
Eiko Shinotsuka told the meeting, "Given that the bank had consistently been against adopting a quantitative target on the grounds that the relationship between quantitative indicators and developments in the economy was not stable, the issue of changing the bank's monetary policy has not been sufficiently discussed," according to the minutes.
The Policy Board decided at the meeting to target cash balances held by financial institutions at the BOJ instead of short-term money market rates, by boosting the balance of commercial bank's reserves at the BOJ to around 5 trillion yen from the current 4 trillion yen.