The minutes of the Bank of Japan meeting showed that some members believed that the central bank must maintain the current extremely low real interest rate to support the economy; some members said that it is necessary to pay close attention to the impact of the January rate hike on the economy and prices. However, some members said that since the central bank estimates that the 2% inflation target can be achieved, it is appropriate to continue to raise interest rates; some members said that inflation may exceed expectations, depending on the progress of trade negotiations between countries.

In addition, some members said that if the appreciation of the yen becomes a trend, it may have a negative impact on the economy.

Many members mentioned that due to the increasing risks of economic downturn, it is necessary to pay close attention to the trade policies and progress of various countries.