Ella 
The Bank of Japan (BoJ) released a summary of opinions from its June monetary policy meeting on June 13 and 14, with the following main conclusions.
Key quotes
The BoJ is expected to raise interest rates if underlying inflation rises as expected, a member said.
Given the potential upside risks to inflation, further adjustments to the degree of monetary policy easing must be considered
A member said interest rate hikes must be made in a timely manner, based on the increasing chances of achieving the price target, and should not be delayed.
A member said the BoJ could wait until inflation and inflation expectations show a clear upward trend through data before adjusting interest rates.
A member said it was appropriate to maintain an accommodative policy for now, as auto shipments were somewhat disrupted by weak consumption.
A member said a weak yen could lead to inflation above target, which means the appropriate policy rate level would be pushed up.
A member said exchange rate fluctuations could affect a wide range of economic activities, and deviations of exchange rates from fundamentals would hurt the economy.
A member said monetary policy would not be affected by short-term exchange rate fluctuations.
A member said the BoJ must significantly reduce bond purchases in a predictable manner.
One member said the Bank of Japan must reduce its influence in the bond market by reducing the scale of bond purchases.
One member said the Bank of Japan must normalize its balance sheet in an appropriate and timely manner while maintaining close dialogue with market participants.
One member said the Bank of Japan should take its time to carefully advance the reduction of bond purchases.
One member said the Bank of Japan’s basic assumptions about the economy have not changed and price data are on track.
One member said consumption lacks momentum and attention needs to be paid to the extent to which wage increases and government measures will boost consumption.
One member said that consumer sentiment has deteriorated and could cause inflation to exceed the target.
One member said the underlying inflation rate has not yet reached 2%.
One member said that judging from corporate wholesale and service price data, Japan is making steady progress towards achieving its price target.
Market reaction
After the Bank of Japan released a summary of its opinions, USD/JPY rose 0.03% on the day, reporting 159.86 as of press time.
