Two new members of the Bank of Japan's nine-member Policy Board voted for a more expansionary wording of the bank's price outlook released at its Oct. 30 meeting, minutes of the session show.
Takehiro Sato and Takahide Kiuchi voted for phrasing that aggressive easing should continue until a 1 percent inflation goal "has been steadily maintained," according to a summary released in Tokyo Monday. The proposal suggested by Sato was defeated by majority vote and the bank kept language that it will continue "powerful easing until it judges the 1 percent goal to be in sight."
The minutes highlight the two members' expansionary stance on easing as a shrinking economy and election next month encourage politicians to press the central bank for more aggressive action to spur growth and counter deflation. The BOJ expanded its asset-purchase program at the Oct. 30 meeting for the second time in two months, and is expected to ease further after the Dec. 16 poll, according to a Bloomberg News survey.