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gtfintechlab
/
bank_of_japan

Dataset card Data Studio Files Community
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many members noted that growth in employment continued, albeit at a slower pace, as evidenced by the upward revision of nonfarm payroll employment for august and the increase in september.
hawkish
not forward looking
certain
2,007
549
japanese stock prices, after declining partly due to the appreciating trend of the yen, had recovered somewhat along with the recent rises in u.s. and european stock prices.
neutral
not forward looking
certain
2,010
476
they added, however, that attention should be paid to the risk that, depending on future economic developments, firms might postpone implementation of their fixed investment.
dovish
forward looking
uncertain
2,008
663
although the pace was decelerating while the effects of fiscal stimulus measures were waning, exports were continuing to increase and business fixed investment was rising moderately.
neutral
forward looking
uncertain
2,010
820
the cgpi was expected to remain more or less flat for the time being.
neutral
forward looking
certain
2,011
736
the government expected the bank to continue powerful monetary easing until the exit from deflation was ensured.
dovish
forward looking
certain
2,012
867
(3) the government would like the bank, based on its economic assessment above and taking full account of the government's policy efforts, to continue to support the economy by conducting monetary policy in a flexible and timely manner.
dovish
not forward looking
certain
2,009
32
private consumption was expected to remain resilient, supported in part by improvement in the employment situation.
hawkish
forward looking
certain
2,013
990
one member said that there was a high degree of uncertainty regarding the outlook for domestic and overseas demand, and distributors' inventories might increase if sales declined, and due attention should therefore be paid to the risk that inventory adjustment pressures might increase.
hawkish
forward looking
uncertain
2,009
676
the bank conducted money market operations in accordance with the guideline decided at the previous meeting on october 10 and 11, 2007.
irrelevant
not forward looking
certain
2,007
234
third, with the price stability target of 2 percent, the bank would conduct monetary policy as appropriate, in response to developments in economic activity and prices as well as financial conditions, from the perspective of sustainable and stable achievement of the target.
neutral
forward looking
certain
2,024
833
many members said that global financial markets remained unstable.
hawkish
not forward looking
certain
2,009
892
in terms of the outlook for prices, most members shared the view that the year-on-year rate of change in the cpi was likely to turn slightly positive and thereafter would continue on an uptrend and increase toward 2 percent, mainly on the back of an improvement in the output gap and a rise in medium- to long-term inflation expectations.
hawkish
forward looking
uncertain
2,017
472
one of these members added that this point was particularly important because the period around the year-end and early next year was a critical one when firms formulated business plans and conducted wage negotiations.
neutral
not forward looking
certain
2,014
201
a few members expressed the view that it was unrealistic to expect high growth in private consumption, taking into account the effects of structural factors such as demographic changes.
dovish
forward looking
certain
2,007
745
a few members said that higher materials prices had been gradually passed on to prices downstream, and that some services prices had started to be raised.
hawkish
not forward looking
uncertain
2,008
678
in the commodity market, crude oil prices had risen amid concern in particular over geopolitical risks in the middle east.
hawkish
not forward looking
certain
2,018
959
as for prices, although the year-on-year rate of increase in the harmonized index of consumer prices (hicp) for all items remained at a relatively high level, it had declined somewhat due to the effects of an earlier fall in international commodity prices.
hawkish
not forward looking
uncertain
2,012
710
some members, noting that households' and firms' short-term inflation expectations were susceptible to actual price developments, expressed the view that attention should be paid to the possibility of heightened expectations that prices were unlikely to rise, given that the year-on-year rate of change in the cpi had remained at a low level for a long time, and this in turn could lead to a slower pace of increase in prices than that suggested by the improvement in the negative output gap.
dovish
forward looking
uncertain
2,012
159
in the united states, downgrading of securitized products backed by subprime mortgage loans and the emergence of subprime mortgage-related losses at some financial institutions had led to a considerable drop in stock prices.
dovish
not forward looking
certain
2,007
368
the government would thoroughly fulfill its role specified in the joint statement, such as promoting measures to strengthen the competitiveness and growth potential of the economy and those aimed at establishing a sustainable fiscal structure.
dovish
forward looking
certain
2,018
185
one of these members -- referring to the view that the year-on-year decline in the monetary base represented a weakening of the bank's stance of maintaining the monetary easing -- added that this view was a complete misunderstanding.
dovish
forward looking
certain
2,012
728
they continued that such developments in inflation expectations were likely to have been influencing actual wage and price settings, as seen in a base pay increase that was likely to take place for the second consecutive year.
hawkish
forward looking
certain
2,015
735
with regard to the discussions on the academic front and within the central bank community, while many studies made at home and abroad noted that unconventional monetary policy had brought about monetary easing effects, there were also studies that pointed to large uncertainties regarding such effects.
neutral
not forward looking
uncertain
2,024
492
as for fiscal 2015 through fiscal 2016, they shared the view that a virtuous cycle of economic activity would be maintained -- supported by (1) a firm increase in domestic private demand reflecting accommodative financial conditions and heightened growth expectations, as well as (2) an increase in exports due to an improvement in overseas economies -- and that the economy was likely to continue growing at a pace above its potential, while fluctuations in demand stemming from the scheduled second consumption tax hike were anticipated.
hawkish
forward looking
certain
2,014
505
however, members continued that, with the aim of operating the program more smoothly, it would be appropriate to reduce the maximum outstanding amount of the fixed-rate funds-supplying operation against pooled collateral by about 5 trillion yen and instead allocate that amount to the purchase of jgbs.
dovish
forward looking
certain
2,012
168
the government had convened the first zone council for the okinawa prefecture zone, which meant that it had convened zone councils in all of the six special zones it had identified.
irrelevant
not forward looking
certain
2,014
38
based on the discussion, members made an assessment in terms of the first perspective, that is to say, they assessed the most likely outlook for economic activity and prices.
neutral
not forward looking
certain
2,008
101
it expected that this new framework would further enhance deliberations on monetary policy at the monetary policy meetings and secure transparency, and that the bank would maintain a thorough dialogue with the government.
neutral
forward looking
certain
2,015
233
housing investment had also been on a moderate pick-up trend.
neutral
not forward looking
certain
2,015
266
moreover, it had held the first meeting of the headquarters for overcoming population decline and vitalizing local economy in japan on september 12, and decided on its basic policies.
neutral
not forward looking
certain
2,014
470
(1) the application of budget requests for fiscal 2018 was closed on august 31, 2017, and the government would proceed with the budget formulation toward the year-end.
irrelevant
not forward looking
certain
2,017
688
(2) on december 8, the cabinet decided the emergency economic countermeasures for future growth and security.
neutral
not forward looking
certain
2,009
707
housing investment has been more or less flat, and public investment has increased moderately.
neutral
not forward looking
certain
2,019
278
in addition, they shared the assessment that firms' funding costs had been hovering at extremely low levels.
dovish
not forward looking
certain
2,024
570
with regard to the cause of the rise in long-term interest rates, some members said that it was important to find out whether it reflected improved prospects of economic expansion or higher inflation expectations.
hawkish
forward looking
certain
2,007
670
machinery orders and construction starts in terms of planned expenses for private and nondwelling construction -- both of which were leading indicators of business fixed investment -- continued a moderate increasing trend, albeit with some fluctuations.
neutral
not forward looking
certain
2,017
675
in response, some members expressed a more cautious view on the outlook for prices.
neutral
not forward looking
certain
2,014
144
on this basis, they shared the recognition that, although these risks were judged as not significant at this point, mainly because financial institutions had sufficient capital bases, it was necessary to pay close attention to future developments given that developments in financial institutions' profits had a cumulative impact on their financial strength.
neutral
not forward looking
certain
2,018
918
as for the effects of the sovereign debt problems in europe, a few members noted that it was also necessary to pay attention to the risk that increased risk aversion among investors would lead to a rapid outflow of funds from the capital markets in emerging economies.
dovish
forward looking
uncertain
2,012
141
it had then increased slightly for april relative to that quarter, with a pick-up in automobile sales.
neutral
not forward looking
certain
2,024
263
private consumption continued to increase against the background of a moderate recovery in the employment situation; nevertheless, in a situation where balance-sheet adjustments continued to weigh on the economy, the pace of increase had been slowing recently due to a decline in real purchasing power brought about by the earlier rise in crude oil prices.
dovish
forward looking
certain
2,011
128
many members, however, pointed out that there were still various uncertainties regarding developments in overseas economies.
hawkish
not forward looking
uncertain
2,013
607
(2) in order to prevent the hollowing out of domestic industries, the government deemed it important to promptly proceed with the following, by utilizing such means as the third supplementary budget for fiscal 2011: (1) mitigate the pain caused by the appreciation of the yen by further expanding financial support to small firms; (2) take such measures as a decisive increase in location subsidies to firms, to prevent the hollowing out of domestic industries and build a robust economy that was resilient to risks; and (3) make the maximum use of merits of the yen's appreciation through japanese firms' acquisitions of foreign firms and interests in natural resources.
dovish
forward looking
certain
2,011
108
one member added that the rate of change for all items less fresh food and energy had been stagnant at slightly above 0 percent, and this was due to the effects of the earlier sluggishness in private consumption and the yen's appreciation appearing with a time lag.
dovish
not forward looking
certain
2,017
105
the issuing environment for cp and corporate bonds was favorable, and the lending attitude of private banks had continued to be accommodative.
dovish
not forward looking
certain
2,006
35
one member, however, expressed the view that if the recovery of advanced economies was delayed, growth in overseas demand would remain weak, making it unlikely, for the time being, that the chinese economy would recover fully enough to return to its past rates of high growth.
dovish
forward looking
certain
2,009
839
since mid-september, credit spreads on cp and corporate bonds had widened and issuance of corporate bonds had declined.
hawkish
not forward looking
certain
2,008
537
regarding the outlook, industrial production was likely to remain more or less flat for the time being.
neutral
forward looking
certain
2,024
495
the general collateral (gc) repo rate had remained relatively high due to lenders' cautious stance on trading.
dovish
not forward looking
certain
2,008
979
one member expressed the view that consumers' acceptance of a rise in prices would gradually increase with the improvement in the employment and income situation.
dovish
forward looking
certain
2,017
271
as mentioned earlier, each country had responded to the spread of covid-19 in consideration of sustaining economic activity.
irrelevant
not forward looking
certain
2,020
8
with a view to contributing to a further enhancement of discussions on monetary policy, the staff proposed that the bank review the contents of the principal terms and conditions in order to avoid, to the extent possible, revisions that did not have policy implications.
neutral
forward looking
certain
2,017
737
on this basis, the member pointed out that, when conducting yield curve control, it was important to consider in a flexible manner such factors as the range of yield movement and the target maturity of jgbs, while maintaining the framework of monetary easing.
dovish
not forward looking
certain
2,018
523
as for the outlook, they concurred that the economy would gradually show signs of bottoming out -- triggered by an improvement in economic entities' sentiment and the pick-up in exports -- as additional downward pressure from the fiscal side was reduced.
dovish
not forward looking
certain
2,013
968
public investment was expected to continue increasing for the time being, albeit at a slower pace.
hawkish
forward looking
certain
2,012
279
with regard to the working-style reform, the government would aim to compile a concrete action plan within the fiscal year.
neutral
forward looking
certain
2,016
853
the member continued that, despite this acceleration, the pace of increase in the money stock (m2+cds) was decelerating partly due to the ongoing shift of funds from bank deposits to other types of financial assets in a situation where the rate of return on financial assets other than bank deposits was improving and the japanese financial system had regained stability.
dovish
not forward looking
certain
2,006
899
in advanced economies, interest rates had generally been more or less flat, albeit with fluctuations, while stock prices as a whole had decreased.
neutral
not forward looking
certain
2,015
282
as for prices, in many of the nies and the asean economies, core inflation rates were at relatively high levels, mainly reflecting the higher wage inflation caused by tight labor market conditions.
hawkish
not forward looking
certain
2,012
758
it had launched the council for promotion of foreign direct investment in japan on april 25, and confirmed such items as the guidelines based on the report on the expert group meeting on foreign direct investment in japan.
dovish
not forward looking
certain
2,014
375
private consumption had been relatively weak as a whole, while production had been picking up as exports increased and the pace of decline in business fixed investment moderated.
dovish
forward looking
certain
2,010
937
one member said that exports to the united states had continued to be on an uptrend as a whole, although the economic slowdown had had some effects, for example, a slowing of growth in exports of automobile-related goods and a decline in those of construction machinery.
neutral
not forward looking
certain
2,007
92
(2) furthermore, the government considered that it was important for the soundness of the japanese financial system that financial authorities in japan and abroad continue to cooperate closely.
neutral
forward looking
certain
2,008
371
some other members commented that uncertainty about corporate financing had decreased as japan's economy had started to pick up.
dovish
not forward looking
uncertain
2,009
190
the recent reading on production had been relatively weak.
dovish
not forward looking
certain
2,012
546
they shared the view that the outlook for the employment and income situation was clearly improving, considering that an increased number of firms had decided to raise base pay and, according to various surveys, summer bonus payments this year were likely to increase noticeably.
hawkish
forward looking
certain
2,014
804
they then decreased somewhat significantly in january 2014 from the october-december quarter, due in part to temporary factors such as the effects of a winter snowstorm in the united states and of the lunar new year holidays in east asia, as well as supply constraints driven by the front-loaded increase in demand prior to the consumption tax hike.
neutral
not forward looking
certain
2,014
325
exports and industrial production were expected to continue decreasing for the time being and start picking up thereafter as overseas economies gradually emerged from the deceleration phase.
dovish
not forward looking
certain
2,012
568
they also agreed that the bank's massive jgb purchases had the effect of compressing risk premia, and this effect would become increasingly pronounced as the bank proceeded with the purchases.
dovish
forward looking
certain
2,013
404
the bank conducted money market operations in accordance with the guideline decided at the previous meeting on january 17 and 18, 2007.
neutral
not forward looking
certain
2,007
352
some members expressed the view that, although the number of covid-19 cases in japan had been fewer than experienced in other countries, it would take some time until covid-19 subsided.
dovish
forward looking
certain
2,020
866
(1) the japanese economy had been showing weakness recently due to the effects of the disaster, and this was expected to continue for a while.
dovish
forward looking
certain
2,011
208
the representative from the cabinet office made the following remarks.
irrelevant
not forward looking
certain
2,013
679
based on this, most members shared the view that, as for policy rates, it would expect short- and long-term interest rates to remain at their present or lower levels.
dovish
forward looking
certain
2,020
145
regarding the guideline for money market operations until the next meeting to be held on september 6 and 7, 2010, members agreed that it was appropriate to maintain the current guideline that the bank would encourage the uncollateralized overnight call rate to remain at around 0.1 percent.
neutral
forward looking
certain
2,010
567
this member continued that, to this end, it was appropriate for the bank to purchase jgbs so that yields on jgbs with maturities of 10 years and longer would broadly be lowered further.
dovish
forward looking
certain
2,018
793
economic activity in russia remained severe but had generally bottomed out, mainly due to a halt in the decline in commodity prices.
neutral
not forward looking
certain
2,016
6
based on the above discussion, members shared the view that uncertainty regarding the possible effects of the disaster on japan's economy was extremely high, and it was necessary to continue to closely examine the effects from various aspects, such as the process for eliminating supply-side constraints and developments in demand at home and abroad.
dovish
forward looking
uncertain
2,011
329
a few members expressed the opinion that the policy effects of boosting consumer spending had been decreasing, as evidenced by the decline in car sales.
dovish
not forward looking
uncertain
2,010
857
the outstanding balance of loans disbursed by the bank amounted to 24,510.8 billion yen after the new loan disbursement.
neutral
not forward looking
certain
2,015
653
economic activity in russia and brazil had been recovering moderately, mainly on the back of stable inflation rates.
hawkish
not forward looking
certain
2,019
612
these members then expressed the view that, by establishing a program on its balance sheet through which the bank would make the purchase, the bank would be able to clearly distinguish and treat the purchase separately from conventional purchases of long-term government bonds, which were conducted in accordance with the long-term trend of increase in banknotes.
neutral
forward looking
certain
2,010
104
long-term interest rates in the united states and germany had risen temporarily due to the reduced expectations for further monetary easing but were recently on a declining trend, mainly reflecting relatively weak economic indicators and concerns over the european debt problem.
hawkish
not forward looking
certain
2,012
21
a different member was of the opinion that, given, for example, that risks concerning the outlook for economic activity had tilted to the downside and early achievement of 2 percent inflation could not be envisaged, it was necessary for the bank to further strengthen monetary easing instead of persistently continuing with the current policy.
dovish
forward looking
certain
2,019
517
this member continued that negative wealth effects stemming from these developments could bring about a further decline in household consumption.
dovish
forward looking
uncertain
2,016
514
it also expected the bank to conduct appropriate monetary policy while carefully monitoring the impact of covid-19 on the economy as well as developments in financial and capital markets.
neutral
forward looking
uncertain
2,020
69
a few members noted that the effects of the sovereign debt problems in europe were observed in some emerging and commodity-exporting economies not only through international trade but also through european financial institutions' reduction of their assets.
dovish
not forward looking
certain
2,011
165
many members noted that labor market conditions remained tight, as evidenced, for example, by the fact that the active job openings-to-applicants ratio had maintained the high level that exceeded the peak marked during the bubble period while the unemployment rate remained at a low level of around 2.5 percent.
hawkish
not forward looking
certain
2,018
301
as for the outlook, members shared the view that the economy was likely to maintain its expansion, partly underpinned by expansionary fiscal measures in a situation where the federal reserve conducted monetary policy while taking account of downside risks to economic activity and prices.
dovish
forward looking
certain
2,019
648
this member continued, however, that these changes did not reflect an economic downturn.
neutral
not forward looking
certain
2,007
66
some members were of the view that this trend was likely to continue for the time being.
irrelevant
forward looking
certain
2,009
680
a few members noted that attention should be paid to the point that some market participants had renewed concern about the size of the outstanding amount of government debt in japan.
hawkish
not forward looking
certain
2,011
900
the government would also do its utmost to implement policy measures in a seamless manner toward overcoming the deflationary recession so that the benefits of economic growth would be widely distributed among the public.
dovish
forward looking
certain
2,013
450
yield differentials between their sovereign bonds and u.s. treasuries, which had fluctuated widely, had expanded recently.
neutral
not forward looking
certain
2,007
68
exports remained on an increasing trend, but the pace had slowed somewhat.
dovish
not forward looking
certain
2,015
700
a few members pointed out that the production forecast index and interviews with firms suggested that production was expected to increase moderately.
dovish
forward looking
certain
2,015
483
one member noted, however, that financial institutions' lending attitudes toward construction and real estate firms had become cautious, and this had led to the recent increase in the number of bankruptcies.
dovish
not forward looking
certain
2,008
729
turning to the u.s. economy, members concurred that overall economic conditions had deteriorated as the negative feedback loop between financial markets and economic activity worsened.
dovish
not forward looking
certain
2,008
734
(4) with regard to the trans-pacific partnership (tpp), considerable progress had been made at a ministerial meeting held recently in hawaii, in that agreement had been reached on various issues; however, it was agreed that further discussions were required for some specific issues.
irrelevant
not forward looking
certain
2,015
58