The minutes of the Bank of Japan's July meeting showed a lively debate about the outlook for prices and monetary policy. While many Board members believe that the Bank will have to keep policy loose because the sustainability of 2% inflation isn't assured yet, at least one member argued that achievement of the target has come in sight. We suspect that this member wasn't the Governor himself, but the Governor increasingly seems to share that view. Accordingly, we're sticking to our forecast that ultra-loose policy will soon become a thing of the past.
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