Some Bank of Japan board members debating the timing for a rate hike cited the need for caution owing to the nation’s prolonged experience with deflation, pushing back against two who called for a hike, according to minutes from the September meeting.
"A few members expressed the recognition that, in considering the costs and benefits of waiting, it was necessary to take into account that Japan had experienced prolonged deflation,” according to the minutes released Wednesday.
"The bank’s monetary policy requires special consideration that was different from other central banks, which was to anchor inflation expectations at 2%,” one of the members said, according to the minutes.
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