One member commented that the number of openings of new supermarket stores was expected to increase in fiscal 2004, and that the member would pay attention to the effects on developments in nonmanufacturers' business fixed investment and commercial land prices.
One member said that deflation could be overcome through a combination of an increase in nominal public debt outstanding, without any too rapid tightening of fiscal policy by the government, and an increase in the monetary base.
One member commented that prices would inevitably continue falling for goods and services that were not exposed to global competition, and for industries protected by regulation due to pressures to correct their high cost structure.
With regard to prices, one member pointed out that domestic wholesale prices were weak against the background of global adjustments in IT-related industries and a deterioration in the supply-demand balance in the domestic market for materials.
One member pointed out that one of the factors causing the recent sluggishness in firms' demand for funds was that the recovery in profits of firms, including small and medium-sized firms, had improved their cash flow.
One member expressed the view that the recent rise would not have significant negative effects on the risk-taking capacity of banks holding a considerable amount of JGBs.
One member said that private consumption was currently undergoing structural changes and a polarization, but if all the fluctuations in various indicators of private consumption were smoothed out, it would be seen to be at normal levels on the whole.
One member expressed the view that crude oil prices were expected to continue rising gradually in the second half of 2002, and thus close attention should be paid to developments, including the effects of the situation in the Middle East.
One member expressed concern about the economic outlook, saying that there was a possibility that a further slowdown in the growth of exports and production might cause Japan's economy to peak out before a recovery in domestic demand.
In relation to this, one member expressed hope that financial assets of households, which were currently heavily concentrated in deposits and insurance, might flow into the stock market after the securities tax system was simplified.
One member said that the effects on the U.S. economy and prices of developments in unit labor cost and energy prices, both of which were recently on an increasing trend, continued to require close monitoring.
With regard to the path of crude oil prices, one member expressed the view that high crude oil prices would be compatible with the expansion of the global economy, because the primary factor behind this surge was increased global demand.
One of the members, who considered that deflationary concern persisted, advocated further monetary easing through inflation targeting and expansion of the monetary base.
One member expressed the view that changes in the velocity of money should be taken into consideration when assessing the growth rate of the monetary base.
One member expressed the view that the possibility that the output gap would exert downward pressure on prices could not be ruled out even though production and corporate profits were improving.
One member expressed the view that the Bank's role of taking credit risk in the ABS market should be reduced if government financial institutions entered it.
One member said that attention should continue to be paid to the effects of future developments in liquidity that had accumulated as a result of the worldwide monetary easing, although the volatility of financial markets at home and abroad had declined.
One member pointed out that long-term interest rates were declining worldwide recently, and said that market participants were aware of the risk that high crude oil prices might cause an economic slowdown, leading to downward pressure on prices overall.
One member pointed out that in overseas financial markets an uptrend in risk premiums was widely observed, but in Japanese financial markets, it was only seen in some corporate bonds with low credit ratings and had not led to a rise in fund-raising costs of borrowers as a whole.
One member cited lack of improvement in growth expectation as the background to the above developments, and said that it was necessary to increase the fundamental strength of the economy and induce demand in order to enhance the effects of monetary easing.
One member pointed out that many of the asset purchasing measures that were suggested by people outside the Bank as additional easing measures were, in fact, not a matter of monetary policy but fiscal policy.
One member, while supporting the Bank's plan to make public its thinking on price stability, disagreed with the contents of the report as the member believed that the Bank should immediately set a numerical target for the inflation rate.
One member's analysis was that bond prices had declined because foreign investors started to sell bonds against the background of the depreciation of the yen and, in the meantime, domestic investors were reluctant to take duration risk with the approach of the fiscal year-end.
One member expressed concern that(1) deceleration of economic growth in the euro area, in addition to that of the United States, was becoming more distinct, and(2) a fall in East Asian economies' exports was starting to negatively affect domestic demand in the region.
One member said that the further contraction of credit spreads, such as those on corporate bonds, indicated that the corporate financing environment was recovering to such an extent that the effects of monetary easing measures had even reached bonds with a BB rating.
As for the household sector, one member said that the employment and income situation was likely to remain severe. Private consumption was likely to remain weak, although it had been holding up well relative to the income situation.
One member said that consumption as a whole was within normal levels, although relatively weak, as consumption of services in areas such as telecommunications, food services, and travel was firm while consumption of goods was weak.
On this basis, one member expressed the view that deflationary concern was disappearing, and thus the time was approaching to make fine adjustments to the extremely easy monetary policy, giving due consideration to the strength of the recovery of the economy.
日本語
中文
عربى
Български
বাংলা
Český
Dansk
Deutsch
Ελληνικά
Español
Suomi
Français
עִברִית
हिंदी
Hrvatski
Magyar
Bahasa indonesia
Italiano
Қазақ
한국어
മലയാളം
मराठी
Bahasa malay
Nederlands
Norsk
Polski
Português
Română
Русский
Slovenský
Slovenski
Српски
Svenska
தமிழ்
తెలుగు
ไทย
Tagalog
Turkce
Українська
اردو
Tiếng việt