BoJ: No fireworks offered – BBH

The Bank of Japan left policy on hold and a takeaway is that a new Board member (Kataoka) argued that more stimulus is needed if the BOJ's inflation target is to be reached, explains the research team at BBH.  

Key Quotes

“This is important.  Until now, Kuroda was criticized for doing too much.  Now a new voice is calling for more, not less.  To be sure this does not mean that more stimulus will be delivered but for the first time, there can be a debate within Kuroda's framework and not simply old Shirakawa acolytes pushing back against the considerably more activist monetary policy.”