2017.03.2701:47:00UTC+00BoJ To Continue Pursuing Powerful Monetary Easing

Bank of Japan board members viewed that the bank should not rush to action and it should pursue monetary easing under the current framework with patience, the summary of opinions from the monetary policy meeting showed Monday.

To achieve the price stability target, it is important to bring the economy onto a self-sustaining growth path, members said at the meeting held on March 15 and 16.

Although the economic recovery in Japan has taken hold more firmly amid improvement in the global economy, there is still a long way to go to achieve the price stability target of 2 percent, policymakers noted.

Some market participants argue that the Bank needs to change the monetary policy in response to the rise in the long-term yields overseas. However, the monetary policy in Japan should be decided based on Japan's economic activity and prices, one member observed.

On price front, one member said inflation is expected to gradually increase toward 2 percent, due in part to the upward pressure on general prices stemming from developments in commodity prices such as crude oil prices.

"However, it would take some time for the inflation rate to accelerate, as the formation of inflation expectations is adaptive," member said.