Members of the Bank of Japan's Policy Board are said to be at odds about where the rate of inflation ought to be over the medium to longer term.
In a scheduled meeting in late April, the nine member board reviewed what the BOJ calls its "understanding of medium- to long-term price stability." This is BOJ jargon for a numerical range for consumer price inflation that it deems compatible with the notion of price stability. This range has now been set at a year-on-year 0 to 2 percent, according to statements from BOJ Gov. Toshihiko Fukui in a press conference earlier this month.
Yet according to records of that meeting, the policy board members are by no means united on where this inflation comfort zone ought to lie.
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