One member expressed the view that it was necessary to maintain the current monetary easing policy, paying more attention than before to the side effects on financial institutions and market functioning while cautiously examining economic developments for the time being.
One member said that, although the year-on-year rate of change in consumer prices(excluding fresh food, on a nationwide basis) was 0.0 percent in September, it was projected to be negative again from October, because of downward pressure from the year-on-year change in rice prices.
One member said that media reports on price rises, mainly in food products, had been increasing recently, and that services prices remained relatively firm when excluding items that tend to fluctuate significantly, such as accommodation fees.
One member expressed the view that, in order to raise the inflation rate and maintain its level going forward, it was necessary to further raise wages and continue doing so while maintaining reasonably tight labor market conditions.
One member said that private consumption had momentum, mainly against the background of the favorable employment and income situation, and that, despite the rise in interest rates and gasoline prices, the declining trend in automobile sales since 2016 was more moderate than initially anticipated.
One member expressed the recognition that, overall, these measures-- including the clarification of forward guidance-- would bolster confidence in the Bank's continuation of powerful monetary easing and further ensure achievement of the price stability target while bringing about stability in financial markets.
In addition, one member said that, although crude oil prices-- after having declined sharply last year-- had been rising somewhat due to the decrease in production levels by oil-producing economies, it might take some time for these prices to return to past levels.
One member was of the opinion that the corporate sector's recovery based on improving profits had continued given the upward trend in production, the stability of wholesale prices, and the depreciating trend of the yen, and thus, the scenario of an economic recovery remained unchanged.
In relation to this point, one member expressed the recognition that business fixed investment remained firm as it spread to the nonmanufacturing sector, and that this indicated that there was still considerable room to absorb upward pressure of costs on prices with improvement in productivity.
One member said that the simultaneous rise in stock prices and decline in long-term interest rates in the United States would not be sustainable, and either stock prices or long-term interest rates would adjust when the direction of the economy, toward either inflation or deflation, became clear.
One member expressed the recognition that, although economies such as the European economy had been decelerating somewhat due to temporary factors, an increase in global trade had been positively affecting income and spending in many countries, and there had been no change to the improving trend in the global economy to this point.
One member expressed the view that, in fiscal 2019, attention needed to be paid to such factors as the slowdown in overseas economies and the effects of the scheduled consumption tax hike, and from fiscal 2020 onward, to such factors as a peaking-out of Olympic Games-related demand and developments in the IT sector.
One member expressed the view that, if the downside risks to the global economy materialized, fiscal and monetary policies in each economy would become important but it could take some time for the policy effects to emerge.
Regarding the recent depreciation of the yen, one member expressed the view that, although some attributed the decline to sales of government bonds by foreign investors and an increase in yen carry trades, the impact of these factors had been limited so far.
One member expressed the recognition that, in the current situation where the actual inflation rate had been sluggish, it was difficult to gain understanding of the explanation that the momentum toward achieving 2 percent inflation was maintained, and therefore it was necessary for the Bank to devise some ways to improve communication to the public.
One member said that, while stock prices tended to reflect changes in the real economy in an amplified manner, the recent fall in stock prices to a certain extent indicated the anticipation of a global decline in the real economic growth rate, such as the deceleration in the Chinese economy.
One member expressed the view that the possibility could not be ruled out that the economy had started to deviate downward to some extent from the standard scenario, but not to such a great extent that it had fallen into a spiral deterioration.
One member said that the rise in nominal wages-- albeit at a moderate pace-- was likely to positively influence the underlying trend in private consumption, but the outlook for private consumption could not be viewed optimistically in a situation where the consumption tax hike was scheduled to take place in fiscal 2019.
One member expressed the view that the Bank was beginning to gain the understanding of market participants and the public about reviewing the target range for the outstanding balance of current accounts on the condition that the Bank maintained the quantitative easing policy framework based on its commitment in terms of policy duration.
One member-- while noting that slack in Japan's labor market seemed to have remained, mainly for men-- said that it was necessary for the improvement in the labor market to continue until such slack was completely resolved and tight labor market conditions led to a clear acceleration in wage growth rates.
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