Two Bank of Japan Policy Board members opposed pre-emptively raising the bank's liquidity target during a meeting in May, saying it could impair communications between the central bank and financial markets, according to minutes released Monday.
At the end of the two-day meeting that ended May 20, the board decided in a majority vote to raise the outstanding balance of deposits at current accounts held by private financial institutions at the BOJ to between 27 trillion yen and 30 trillion yen from between 22 trillion yen and 27 trillion yen.
The additional credit-easing step was intended to ensure financial market stability in the wake of the government's decision May 17 to inject additional public funds into Resona Bank to shore up its weak financial base.