Bank of Japan policymakers were divided in 2004 on whether to follow a policy of further monetary easing despite signs of economic recovery, according to minutes released Wednesday.
The bank expanded its quantitative easing at the policy meeting held Jan. 19 to 20, 2004, with then-Gov. Toshihiko Fukui suggesting that the BOJ should act more aggressively to lift the economy out of chronic deflation.
"We cannot fulfill our responsibility if we are satisfied only with an economy moving in line with the BOJ's scenario," Fukui said, according to the minutes, suppressing opposing views held by other members of the Policy Board.