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gtfintechlab
/
bank_of_japan

Dataset card Data Studio Files Community
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in such a case, the bank should increase the amount for each asset category as follows: about 0.5 trillion yen for jgbs; about 1.0 trillion yen for t-bills; about 1.5 trillion yen for cp and corporate bonds, respectively; about 0.45 trillion yen for exchange-traded funds (etfs); and about 0.05 trillion yen for japan real estate investment trusts (j-reits).
dovish
forward looking
certain
2,011
157
as for the outlook, such expectations are likely to follow an increasing trend, with the output gap remaining positive.
hawkish
forward looking
certain
2,019
269
members concurred that emerging economies as a whole maintained their moderate recovery trend, but some had decelerated due to country-specific factors, and the nies and asean economies were under downward pressure, as evidenced by such factors as weak exports to china.
dovish
not forward looking
certain
2,019
336
regarding japan's economy, members agreed that exports had continued to increase, reflecting the expansion of overseas economies, and were likely to continue to increase.
hawkish
forward looking
uncertain
2,006
586
in global financial markets, while investors had remained somewhat less risk averse on the back of the european debt problem, particular attention should be given to developments in these markets.
neutral
not forward looking
certain
2,012
908
a few members noted, however, that attention should be paid to upside risks in the chinese economy.
hawkish
forward looking
uncertain
2,007
14
machinery orders -- a leading indicator of machinery investment -- had shown signs of bottoming out, mainly for manufacturing, reflecting increases in exports and production.
dovish
not forward looking
certain
2,020
582
some members were of the view that the euro area economy would likely recover only moderately, because economic activity would be constrained by balance-sheet adjustments and moves toward fiscal consolidation.
dovish
forward looking
uncertain
2,010
293
exports were expected to continue to rise against the background of the expansion of overseas economies as a whole.
hawkish
forward looking
uncertain
2,007
34
the u.s. economy generally continued to recover at a moderate pace, particularly in the household sector, although signs of weakness were observed in the corporate sector.
neutral
forward looking
certain
2,013
706
in this situation, industrial production had been on a downward trend and the pace of decrease in the number of employees had been accelerating.
dovish
not forward looking
certain
2,008
326
the year-on-year rate of change in the cpi (excluding fresh food) was minus 0.3 percent in march mainly due to declines in airfares and mobile telephone charges in addition to a slightly increased negative contribution from petroleum products.
dovish
not forward looking
certain
2,007
886
based on this discussion, most members concurred that, while the bank was determined to achieve the 2 percent price stability target with a time horizon of about two years, it was appropriate to set the time frame for continuing monetary easing in relation to achieving the price stability target, rather than restricting it to two years at the outset.
dovish
forward looking
certain
2,013
682
the slack in supply and demand conditions and the slow growth in wages continued to exert downward pressure on prices, while there was inflationary pressure from the impact of the increase in the value-added tax rate in italy and the rise in prices of goods, including processed food, due to the continuing pass-through of the earlier increases in international commodity prices.
neutral
not forward looking
certain
2,011
931
private consumption was expected to remain resilient as a trend, although it would show some weakness for the time being, mainly since car sales had fallen back.
neutral
forward looking
certain
2,012
181
based on their assessment of the economic and financial situation, members agreed that their basic thinking remained unchanged on the future path of monetary policy: the bank would adjust the level of the policy interest rate gradually in the light of developments in economic activity and prices, while maintaining the accommodative financial conditions ensuing from very low interest rates for some time.
dovish
forward looking
certain
2,007
80
the nikkei 225 stock average had been showing large fluctuations, partly due to a decline in u.s. stock prices and uncertainties over the u.s.-china trade friction, and was moving at around 21,000 yen recently.
hawkish
not forward looking
certain
2,018
497
the government had been holding the government-labor-management meetings for realizing a positive cycle of the economy.
irrelevant
not forward looking
certain
2,013
63
many members expressed the view that the scenario presented in the april 2011 outlook report -- that the economy would return to a moderate recovery path from the second half of fiscal 2011 -- remained intact, and growth prospects for fiscal 2012 would likely remain broadly unchanged from the april forecasts.
neutral
forward looking
uncertain
2,011
79
many members expressed the recognition that, although an increase in business fixed investment had not been confirmed clearly in both its leading and coincident indicators released thus far, business fixed investment was likely to increase, mainly because business sentiment had generally stayed at a favorable level.
dovish
forward looking
uncertain
2,015
406
nevertheless, some members expressed the view that, even though the probability of the economy returning to a moderate recovery path had increased, subsequent economic developments remained uncertain.
hawkish
forward looking
uncertain
2,011
786
some members noted that the pace of recovery in the euro area economy was likely to remain moderate, considering that fiscal consolidation measures in each euro area country were likely to weigh on the economy.
neutral
not forward looking
certain
2,011
311
members shared the recognition that exports had been on an increasing trend on the back of the growth in overseas economies.
hawkish
not forward looking
certain
2,017
986
(3) the government, taking into account the effects of the disaster, would do its utmost to achieve stability in the normal routines of people's living situation and of economic activity.
neutral
forward looking
certain
2,011
821
as for prices, the year-on-year rate of increase in the personal consumption expenditure (pce) deflator for all items excluding food and energy had been in the range of 1.0-1.5 percent.
neutral
not forward looking
certain
2,015
33
one member said that, judging from information obtained from business contacts in particular, there seemed to be a risk that demand would decline through an adverse feedback loop between business and household sentiment.
dovish
forward looking
certain
2,011
296
some members noted that relatively weak developments had been observed in indicators of consumer sentiment, but these indicators had recently shown signs of bottoming out.
dovish
not forward looking
certain
2,015
62
some members were of the view that the decline in housing investment had been coming to a halt, as evidenced by the fact that the number of housing starts had picked up, albeit remaining at a low level, and inventory adjustments of condominiums in the metropolitan area had been progressing.
neutral
not forward looking
certain
2,010
211
in addition, the employment situation had been improving steadily.
dovish
not forward looking
certain
2,014
339
members concurred that private consumption was picking up partly due to policy measures.
dovish
not forward looking
certain
2,010
542
in addition, one member noted that, although the momentum toward 2 percent inflation was maintained, it likely would take a certain amount of time to achieve the target.
neutral
forward looking
uncertain
2,018
56
some members expressed the view that, as market participants tended to pay keen attention to developments in individual indicators such as the cpi, the bank should explain thoroughly that, in conducting monetary policy, it paid full attention to the underlying trend of economic activity and prices.
neutral
forward looking
certain
2,006
396
second, as for the long-term interest rate, it would purchase jgbs so that 10-year jgb yields would remain more or less at the current level of around 0 percent.
dovish
forward looking
certain
2,016
768
second, as for cp and corporate bonds, it would maintain their amounts outstanding at about 2.2 trillion yen and about 3.2 trillion yen, respectively.
neutral
forward looking
uncertain
2,017
628
a few members added that the economies of commodity-exporting countries and grain-exporting countries such as those in the middle east and central and south america, as well as australia, showed signs of recovery on the back of growing demand for commodities and food from china.
dovish
not forward looking
certain
2,009
764
as reasons for this, some members expressed the opinion that this might have been affected partly by the view that the u.s. economy was likely to remain firm and by the stable yield differential between japan and the united states, as well as by the significant increase in currency-unhedged foreign direct investment.
hawkish
not forward looking
uncertain
2,018
545
industrial production had been picking up, due in part to the moderate increase in demand both at home and abroad as well as to the progress in inventory adjustments.
hawkish
not forward looking
certain
2,015
340
first, they agreed that the output gap had steadily followed an improving trend driven mainly by labor market developments, as the tightening trend in labor market conditions continued, albeit under some downward pressure partly from the flattening of exports.
hawkish
not forward looking
certain
2,015
742
many members said that the forecasts of policy board members and the risk balance charts were merely reference materials supplementary to the written explanations of the mechanisms behind developments in the economy and prices, and this should be understood by the public, including market participants.
neutral
not forward looking
certain
2,008
30
in many of these asian economies, inflationary pressure continued to be strong, reflecting the earlier rise in food and materials prices and an acceleration in the pace of wage increases due to tight labor market conditions.
hawkish
not forward looking
certain
2,011
657
stock prices in emerging economies had also dropped significantly, due mainly to the rise in inflation.
hawkish
not forward looking
certain
2,008
241
as for cp and corporate bonds, the bank will maintain their amounts outstanding at about 2.2 trillion yen and about 3.2 trillion yen, respectively.
neutral
forward looking
certain
2,020
324
a few members noted that in credit markets the decline in the amount outstanding of asset-backed commercial paper (abcp) was coming to a halt and credit spreads, such as those on corporate bonds, were narrowing somewhat.
dovish
forward looking
certain
2,007
725
it had fallen recently to around 17,000 yen, mainly against the background of declines in overseas stock prices.
dovish
not forward looking
certain
2,014
449
one member said that rises in the prices of daily necessities had increased consumers' inflation expectations and the effects of these increased inflation expectations should be watched carefully.
hawkish
forward looking
certain
2,008
407
in a situation where reconstruction-related demand was likely to persist, in order to continue supporting the efforts of financial institutions in disaster areas toward rebuilding, the staff considered it appropriate for the bank to extend the deadline for new applications for loans under the operation by one year, to april 30, 2014, while keeping the existing 1 trillion yen ceiling for the outstanding balance of loans.
dovish
forward looking
certain
2,013
53
on the price front, the year-on-year rate of change in the consumer price index (cpi, all items less fresh food) is around 1 percent.
neutral
not forward looking
certain
2,018
200
a different member expressed the recognition that it was essential for the bank to aim to achieve the price stability target while gaining the public's understanding on the importance of overcoming deflation, so that a shift in firms' stance toward raising prices would not be interpreted in a negative manner.
dovish
forward looking
certain
2,018
97
however, with firms' persistent sense of excessive capital stock, the pace of improvement in business fixed investment was likely to remain moderate.
dovish
forward looking
certain
2,010
150
the bank, in accordance with the short-term policy interest rate of minus 0.1 percent and the target level of the long-term interest rate, both decided at the previous meeting on april 26 and 27, 2017, had been providing funds through purchases of japanese government bonds (jgbs) and other measures.
dovish
not forward looking
certain
2,017
194
long-term interest rates in the united states had fallen, mainly reflecting heightened expectations for additional monetary easing, and those in europe had fallen somewhat in response to the weakening of some economic indicators.
hawkish
not forward looking
certain
2,010
747
one member added that price developments in the past revealed that consumers in japan had been relatively tolerant of the rise in import prices being passed on to sales prices.
neutral
not forward looking
certain
2,013
310
(3) the subprime mortgage problem, which had begun to be resolved, still required careful monitoring.
neutral
forward looking
certain
2,007
7
one member expressed the view that various leading indicators of business fixed investment suggested that it would likely continue to increase firmly for the time being, including olympic games-related investment and labor-saving investment to address the labor shortage.
hawkish
forward looking
certain
2,018
805
one member was of the view that there was no change in the uptrend in the cpi, because examination of the cpi excluding energy by goods and services showed that goods prices had been rising at a very moderate pace, and services prices continued to increase gradually reflecting the increase in labor costs and the fact that imputed rent of condominiums had stopped falling.
neutral
not forward looking
certain
2,006
390
members agreed that the tension in global financial markets had eased, mainly due to heightened expectations for recovery in business performance, particularly in the united states.
dovish
not forward looking
certain
2,020
245
they shared the recognition that business spending, such as business fixed investment, was expected to decrease, mainly in industries affected strongly by substantial declines in exports and consumption, and that thereafter it was likely to pick up as the impact of covid-19 waned.
dovish
forward looking
uncertain
2,020
18
a few members noted that, if the pace of growth in the chinese economy were to decelerate noticeably, this would affect the bank's economic outlook, which assumed a rise in overseas economic growth.
dovish
forward looking
certain
2,012
341
the staff would like to propose that the bank accept the dbj's request and take the necessary steps.
neutral
not forward looking
certain
2,009
286
members agreed that the year-on-year rate of change in the cpi (all items less fresh food) had been slightly negative.
dovish
not forward looking
certain
2,013
461
some members noted that, in formulating a specific numerical expression, the policy board should continue to take three perspectives into consideration: (1) a measurement bias in the price index; (2) the safety margin that acted as a buffer against the risk of a vicious cycle of deflation and stagnation; and (3) the rate of inflation at which households and firms perceived price stability -- that is, the public's perception of price developments.
neutral
forward looking
certain
2,012
656
this member therefore was paying close attention to how the gdp-based figure for real fixed investment would be revised at the second preliminary estimate, and to how fixed investment plans were being implemented.
neutral
not forward looking
certain
2,015
363
members expressed the view that it was appropriate for the bank to continue to steadily pursue quantitative and qualitative monetary easing in accordance with the current guidelines, as japan's economic and price developments had been broadly in line with the forecasts presented in october on the other hand, one member said that, if a rise were to occur in markets' anticipation that quantitative and qualitative monetary easing would continue for a protracted period or extreme additional measures would be implemented in a situation where it was unlikely that the price stability target would be achieved in about two years, this could lead to economic instability in the medium to long term, such as through a buildup of financial imbalances.
dovish
forward looking
certain
2,014
940
a few members said that it was becoming more evident that economic growth had been underpinned by domestic demand, including public investment, as suggested by increases in the amount of public construction completed and the value of public works contracted, which are the coincident and leading indicators of such investment, respectively.
dovish
not forward looking
certain
2,019
649
most members pointed to the fact that japan's economy had recently shown signs of a pick-up and was in an important phase of returning to a moderate recovery path, and that the government had announced that it would formulate measures for strengthening the growth potential of japan's economy and promote them strongly.
dovish
forward looking
certain
2,013
15
general collateral (gc) repo rates had been more or less unchanged, but they had remained sensitive to changes in the balance between supply and demand in the market.
neutral
not forward looking
certain
2,009
342
the government would, taking into account the opinions of people in all social groups, do its best to prevent further economic deterioration and to help the economy overcome the current crisis.
dovish
forward looking
certain
2,009
798
nevertheless, it was on the way to recovery at a moderate pace, reflecting the effects of a range of policy measures.
neutral
forward looking
certain
2,012
873
one member -- while noting the relatively weak developments in consumer confidence since october 2013 -- said that this might be attributable to consumers' awareness of the consumption tax hike, and future developments warranted attention.
dovish
forward looking
certain
2,014
123
industrial production continued to move down in october relative to the july-september quarter, after having declined for two quarters in a row since the april-june quarter.
dovish
not forward looking
certain
2,012
906
a different member expressed the view that the main aim of the bank's policy already had shifted from the quantitative to the interest rate aspect, and thus it was important for the bank to conduct asset purchases in a flexible manner.
dovish
forward looking
certain
2,016
722
as for employment and income, in a situation where firms were increasingly feeling a shortage of labor, household income had continued rising moderately.
neutral
not forward looking
certain
2,008
110
with regard to developments in overseas economies by region, members concurred that the u.s. economy had been on a recovery trend, assisted by firmness in the employment and income situation and in household spending, although the industrial sector had lacked momentum, mainly against the background of the slowdown in emerging economies.
neutral
not forward looking
certain
2,016
31
markets in emerging economies had been calm on the whole because policy actions such as the raising of interest rates had been adopted to address current account deficits and high inflation, although markets in some emerging economies had shown nervousness, mainly reflecting the situation in ukraine.
neutral
not forward looking
certain
2,014
664
a different member added that funding by firms and households was expected to become more active.
hawkish
forward looking
certain
2,013
720
some financial institutions had been making use of this facility close to the maximum amount that could be provided to each of them -- namely, 150 billion yen.
neutral
not forward looking
certain
2,014
521
based on the above discussions, to reflect the majority view of the members, the chairman formulated the following proposal on the guideline for money market operations and put it to a vote.
neutral
not forward looking
certain
2,024
175
regarding the corporate sector, members agreed that, although the pace of increase in exports had slowed, partly due to the effects of the appreciation of the many members referred to relatively low growth in the united states during the january-march quarter of 2015, and expressed the view that this was attributable to temporary factors such as the severe winter weather and the labor disputes at u.s. west coast ports.
dovish
not forward looking
certain
2,015
392
one of these members expressed the view that it was premature to consider a so-called exit from those purchases.
irrelevant
not forward looking
certain
2,020
817
thereafter, it was expected to remain more or less flat at a high level underpinned by olympic games-related construction, although the positive effects resulting from the set of stimulus measures would diminish.
neutral
forward looking
uncertain
2,017
953
it will continue expanding the monetary base until the year-on-year rate of increase in the observed cpi (all items less fresh food) exceeds 2 percent and stays above the target in a stable manner.
hawkish
forward looking
certain
2,023
328
one member said that, in order to increase income, including base pay, an arrangement involving the government similar to the one made last year might also be necessary this year.
neutral
forward looking
uncertain
2,014
126
in relation to one of the purposes of the policy -- that is, to influence longer-term interest rates -- some members were of the view that it was important for the bank to secure market confidence in its policy time horizon, and in doing so, explain consistently to the public that it would maintain the virtually zero interest rate policy until it judged that price stability was in sight.
dovish
forward looking
certain
2,011
4
(2) as for prices, although the year-on-year rate of increase in the cpi for all items less fresh food, or the core cpi, had been slightly positive for the past two consecutive months, the economy was still in a mild deflationary situation, as evidenced, for example, by the continued fall in price trends.
neutral
not forward looking
certain
2,011
889
the european economy was likely to gradually move out of its deceleration phase as adjustments in the manufacturing sector, which had shown some weakness, progressed.
dovish
forward looking
uncertain
2,019
989
looking at real gdp for the april-june quarter of 2020 for each economy, which was released during the intermeeting period, many economies experienced record plunges, which reconfirmed that overseas economies had been depressed significantly due to the spread of covid-19 and measures such as lockdowns.
dovish
not forward looking
certain
2,020
726
in particular, the government would raise the minimum wage at the rate of about 3 percent per year, considering the growth rate of nominal gdp.
dovish
forward looking
certain
2,015
414
nominal wages per worker, however, had remained somewhat weak.
dovish
not forward looking
uncertain
2,008
965
meanwhile, one member pointed out that future developments in the u.s. credit market warranted attention, since market participants had been actively conducting risk-taking activities.
neutral
forward looking
certain
2,020
661
voting against the proposal: mr. t. kiuchi.
irrelevant
not forward looking
certain
2,016
9
one member said that no concrete evidence had been presented to suggest a buildup of financial imbalances.
neutral
not forward looking
certain
2,015
197
yield spreads between corporate bonds and jgbs had been narrowing very moderately, reflecting solid demand from investors.
hawkish
not forward looking
certain
2,014
435
these members continued that, although a central bank consequently would face fluctuations in its profits in the short run, it would bring about seigniorage -- the profit generated by issuing banknotes as the sole issuer -- in the long run.
neutral
forward looking
certain
2,016
553
as for exports, movements toward a pick-up had been seen, although these had been somewhat weak.
dovish
not forward looking
certain
2,017
887
housing investment had also been showing clear signs of picking up, albeit at a depressed level.
dovish
forward looking
certain
2,013
160
a different member expressed the view that the tightening of labor market conditions observed across a wide range of regions, firm sizes, and industries had been underpinning an improvement in consumer sentiment.
hawkish
not forward looking
certain
2,017
637
it welcomed the bank's proposal made at this meeting of the principal terms and conditions for purchases of these assets as a swift response.
irrelevant
not forward looking
certain
2,010
950
with respect to overseas economies, members agreed that advanced economies continued to recover, mainly in household spending, and that the spread of the effects of such recovery to the corporate sector had become more evident, as seen in further positive developments in manufacturers' business sentiment.
dovish
not forward looking
certain
2,017
799
a few members added that, in europe, progress had not been made among countries in terms of seeking agreement on the conditionalities for financial assistance to peripheral countries or with regard to identifying the direction to be taken in the euro area integration, thereby leading to the repeat of a situation where the motivation to take coordinated policy actions weakened and a conflict of interests among european countries surfaced whenever markets more or less regained stability.
neutral
not forward looking
certain
2,012
88
this member expressed hope that the use of this type of fund-provisioning measure would therefore promote these institutions' efforts to stimulate regional economies.
dovish
forward looking
uncertain
2,012
487