日銀にちぎん 2015年ねんの金融きんゆう政策せいさく決定けってい会合かいごう議事ぎじ録ろくを公開こうかい 政策せいさくで激はげしい議論ぎろん

The Bank of Japan has released the minutes of the 2015 Monetary Policy Meeting, held ten years ago when it was continuing large-scale monetary easing under former Governor Kuroda.

It was a time when it became clear that the policy goal of a 2% rise in prices over about two years could not be achieved within the set period, and it can be seen that there were intense debates over subsequent policies and how to present new goals.

The Bank of Japan has released the minutes of the Monetary Policy Meetings held from January to June 2015.

The Bank of Japan had been continuing large-scale monetary easing since 2013, two years prior, aiming for around 2% inflation within about two years. However, during this period, the inflation rate remained below 1% due to factors such as sluggish recovery in consumption, making it clear that the original target could not be achieved within the initially stated timeframe.

In this context, at the meeting in April 2015, Deputy Governor Hiroshi Nakaso stated, Even if the timing of achievement is delayed, the delay should be kept as short as possible. In order to clearly communicate such policy intentions, a benchmark of about two years is necessary, emphasizing that we should adhere to the target and continue to demonstrate a strong commitment to achieving it. Additionally, Governor Kuroda also expressed the view that there was no need to change the target.

However, Deliberative Committee member Takehiro Sato stated, If a specific inflation rate is not achieved by a certain deadline, there is a risk that confidence in the policy will decline, expressing concern about being overly fixated on the goal of 2% within about two years.

Furthermore, while Deputy Governor Kikuo Iwata stated, I believe aiming for 2% is common sense for central banks around the world, Policy Board Member Takehiro Kiuchi responded, The underlying trend of prices is not determined by monetary policy or by money itself.

He argued back, saying, Just because its 2% overseas doesnt mean it has to be 2% in Japan, which led to intense debates over policies and goals.

The Bank of Japan subsequently introduced unprecedented policies such as a negative interest rate policy and a framework to keep long-term interest rates low, but prices did not rise as expected, and large-scale monetary easing ended up being prolonged.