Some policymakers stressed that the Bank of Japan should strengthen its monetary easing stance with a view to improving the output gap and inflation expectations, and thereby achieve an economic recovery and the price stability target early.
According to the Summary of Opinion of the meeting held on January 17 and 18, consumer price inflation is likely to increase gradually, albeit with fluctuations, with the output gap improving and cost increases being passed on to consumer prices.
Some members expect the year-on-year rate of change in the consumer price index to reach around 1.5 percent temporarily in the first half of 2022.
Further, members viewed that the Bank should closely monitor the impact of COVID-19 and not hesitate to take additional easing measures if necessary.
Another report from the Bank of Japan showed that the corporate services producer price index rose at a steady pace of 1.1 percent on a yearly basis in December. Economists had forecast an increase of 1.0 percent.
Month-on-month, the services PPI gained 0.3 percent after rising 0.2 percent in November.
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