BoJ Minutes: There is some concern about weak Japanese Yen on inflation and wages

Member agreed consumption likely to increase moderately.

A few members said companies might become more active in raising prices, wages than initially expected.

Members discussed risks associated with impact of weak yen on inflation.

One member said impact of weak yen on inflation, wages may not prove temporary.

One member said weak yen could lead to overshoot in underlying inflation.

One member said the BOJ must scrutinise without any preset idea the chance firms may renew efforts to pass on rising import costs via price hikes.

Members shared view the BOJ must scrutinise how recent yen falls could affect underlying inflation.

One member said key to future monetary policy outlook would be capex, consumption.

One member said there were various upward risks to inflation.

A few members said fx is among key factors affecting economy, prices, boj must respond with monetary policy if outlook and risks change.

One member said the BOJ must respond with monetary policy if fx volatility affects firms' medium-, long-term inflation expectations.

One member said the BOJ must deepen debate on timing, degree of future interest rate hikes.

One member said the BOJ could raise rates moderately before it's sufficiently convinced about chance of durably hitting price goal, to avoid being forced to hike rates rapidly later.

One member said boj must raise rates at appropriate, timely manner to avoid causing stress on economy.

One member said there is sufficient chance pace of policy normalisation could accelerate if underlying inflation continues to overshoot due in part to weak yen.