BoJ Minutes from the June Meeting stated most members share the view economy is moving in line with the baseline scenario, and there were risks underlying inflation may overshoot the BoJ's 2% target

Members agreed it was appropriate for the BoJ to continue raising rates. Few members said the BoJ must maintain guidance that the BoJ will keep rising rates if the economy and prices move in line with its forecasts. Member noted FX factors are pushing up import prices and hurting smaller firms. Member said Japan's real interest rate is exceptionally low by global standards and must be adjusted given upside inflation risk. Member stated that moving the BoJ's policy rate closer to neutral levels would help achieve economic and price stability in the long run. Few members said debates on BoJ bond tapering are focusing on its size, but importance will likely shift the duration of JGBs it buys. Few members said decision to suspend bond taper was not aimed at heeding to fiscal policy, but rather aimed at avoiding bond market instability.