One of these members commented that the Bank had anticipated deflationary pressure stemming from structural reforms when it adopted the current accommodative policy, and it was important to achieve a full-fledged recovery of the economy by a combination of the monetary policy measures, efforts by the private sector, and fiscal policy.
One of these members remarked that it would take time for the recovery in the corporate sector to spread to the household sector, because, against a background of pressure to adjust balance sheets and enormous competition, improvements in firms' cash flow would be first used to repay debt and to improve internal reserves, then for business fixed investment and dividend payments, and finally for wages.
One of these members said that while sales of consumer durables such as automobiles and electrical appliances declined markedly, positive developments as the following underpinned private consumption:(1) firm sales of some luxury goods and goods and services whose prices had been lowered while maintaining their quality; and(2) brisk performance of businesses in food services, leisure activities, and travel.
One of these members said that, given the current developments in financial markets, it would be desirable that(1) the staff provide ample liquidity to the market under the current guideline for money market operations, giving priority to ensuring the stability of the market, and that(2) if the outstanding balance of current accounts at the Bank fluctuated greatly as a result of such operations, the staff provide adequate explanation of its background to the Policy Board.
A few members said that inventories had been nearly flat as a whole and production was likely to continue growing. One of these members added that it was becoming clear that intended accumulation of inventories of electronic parts had started, and that developments in inventories of electronic parts should be monitored closely, although adjustment pressures on inventories were unlikely to intensify immediately, judging from strong domestic and external demand.
One of these members said that(1) the ratio of job offers to applicants had continued to improve, and(2) the fact that the unemployment rate was not decreasing was probably due to people who had given up looking for jobs returning to the labor market as suggested by the increase in the total labor force participation ratio(the labor force as a proportion of total population aged 15 and over) since autumn 2000.
このうちひとりの委員は、とりわけ量的な面での効果を強調した。
One of these members emphasized the effects of the current policy, particularly its quantitative effects.
このうちひとりの委員は、そのためにはディスクロージャーの充実が必要不可欠であると付け加えた。
One of these members added that, to achieve this, an enhancement of disclosure of information would be vital.
このうちひとりの委員は、外銀が多額の超過準備を保有している背景について述べた。
One of these members explained the background to the fact that foreign banks in Japan held a large amount of excess reserves as follows.
このうちひとりの委員は、アジア地域の生産面への影響は小幅に止まっている、と指摘した。
One of these members pointed out that the effect of SARS on production in Asian economies had been small.
One of these members said that the recent correction in the yield curve, which had flattened considerably, could be expected to have the positive effect of contributing to securing banks' profits.
One of these members, however, pointed out that the improvement in the employment and income situation was having a positive effect on consumer confidence.
One of these members said that developments in crude oil prices should be noted as a risk factor that could cause prices in particular to deviate above the forecasts in the current situation of Japan's strong economic recovery.
One of these members added that the Bank should provide an adequate explanation of the background to developments in banknote circulation and the implications of such developments, as they might not be easy to understand.
One of these members pointed out the possibility that the decline in geopolitical risks, crude oil prices, and recently, in long-term interest rates, might positively affect future economic developments.
One of these members pointed out that, in every region of the country, an increase in production had become evident led by the production of electronic parts and devices.
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