Tokyo, Nov. 5 (Jiji Press)--Most Bank of Japan policymakers shared concern that underlying inflation could exceed the central bank's 2 pct price stability target at their Sept. 17-18 meeting, at which the BOJ decided to raise interest rates, minutes of the meeting showed Thursday.
Most members concurred that " there was a risk that underlying CPI (consumer price index) inflation would deviate upward to a level above the price stability target of 2 pct," according to the minutes.
These members agreed that it was appropriate for the BOJ to raise rates at the meeting.
One member of the BOJ's Policy Board said at the meeting that "underlying CPI inflation was now getting closer to 2 pct, and the perspective of stabilizing it at a level around 2 pct thus became important," although the aim of monetary policy had been to push prices upward when CPI inflation was below 2 pct.
"The member continued that, in that sense, it was considered that there had been a shift in the phase of monetary policy," the minutes showed.
[Copyright The Jiji Press, Ltd.]
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