The Bank of Japan Minutes of the Monetary Policy Meeting on March 18 and 19, 2021 has been released.
They have stated that some members said must scrutinise financial system developments due to accumulating side-effects of easing on the banking system.
More from the minutes
The BoJ's March meeting minutes stated that members agreed that YCC was exerting intended policy effect.
Some members said review confirmed some fluctuations in bond yields won't diminish impact of monetary easing.
Some members said must scrutinise financial system developments due to accumulating side-effects of easing on banking system.
Members agreed BoJ must respond flexibly, effectively without hesitation to changes in economic, price and financial developments
A few members said appropriate to stress anew that excessive falls in super-long bond yields could hurt economy in long run.
Members agreed that BoJ's priority must be to keep entire yield curve stably low while economy remains under impact of pandemic.
One member said hope current policy framework will serve as basic guideline for ultra-loose policy for next few years.
One member said digitalisation, accompanying changes in corporate activity making it harder to capture economic changes with conventional data.
Market reaction
Meanwhile, the yen is USD/JPY little changed at 109.26 and is stuck in a tight range ahead of the US Nonfarm Payrolls data at the end of the week.