The minutes from the Bank of Japan's December policy meeting released on Wednesday show that several members believe the central bank should raise policy interest rates if the economic outlook materializes. One member stated that if the policy rate approaches a neutral level, the central bank needs to slow down the pace of rate hikes to carefully assess their impact. This member also indicated that current rates are still far below the neutral level, making timely rate hikes necessary. Another member pointed out that relying on estimates of the neutral interest rate based on long-term deflationary period data to decide on the timing of rate hikes seems questionable. Another member noted that even if real interest rates are at extremely low levels, neither the economy nor inflation have accelerated, which may suggest that real interest rates are not necessarily as low as they appear. Note: The Bank of Japan raised the policy interest rate by 25 basis points to 0.5% in the previous week (January policy meeting).
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日本央行12月政策会议纪要:多位委员认为若经济前景实现 央行应加息
Minutes from the Bank of Japan's policy meeting in December: several members believe that if the economic outlook is realized, the central bank should raise interest rates.
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