Ella 
The Bank of Japan released a summary of its opinions on the March monetary policy meeting held on April 25 and 26. The main contents are as follows:
One member said that if trend inflation accelerates, the Bank of Japan will adjust the degree of monetary easing, but the loose financial environment may continue for the time being.
One member said that if expectations in the quarterly report come true, interest rates could rise to levels higher than the market currently expects.
One member said that one option is to raise interest rates appropriately based on economic, price, and financial developments to avoid the impact of sudden changes in policy.
One member said that as the probability of realizing our expectations increases, interest rates must be raised at the appropriate time.
One member said the Bank of Japan must have in-depth discussions on the timing and pace of future interest rate hikes.
One member said the extent of consumption recovery in the second half of this year will be key in considering the timing of the next policy change.
One member said the pace of policy normalization could accelerate if inflation continues to exceed target amid a weak yen.
One member said household purchasing power remained weak, so accommodative monetary conditions must be maintained for the time being.
One member said the BOJ should at some point chart a path to reducing bond purchases.
One member said the Bank of Japan must start reducing its balance sheet, including reducing bond purchases when appropriate.
One member said the BOJ must eventually eliminate its ETF holdings, even if it takes a long time.
One member said that attention must be paid to upward risks to inflation, as a weak yen and rising crude oil prices will affect cost-push pressures.
One member said a weak yen would weigh on the economy in the short term but could push up trend inflation in the medium to long term by boosting output and income.
One member said it was necessary to be alert to various upward risks to inflation, such as a weak yen, fiscal stimulus and the increased likelihood of a wage-inflation spiral.
