The minutes of the policy board meeting held on October 30 and 31 showed that a few board members of the Bank of Japan shared the view that the central bank should not only conduct monetary policy but also enhance its cooperation with the government in terms of economic policies and prepare for the next economic downturn.

A different member pointed out that the BoJ should continue to examine whether additional monetary easing would be necessary.

At the October meeting, the Policy Board voted 7-2 to maintain interest rate at -0.1 percent. Further, the bank strongly signaled further monetary easing going forward at the meeting.

Discussing guidance, many members pointed out that, considering that a pick-up in overseas economies would be delayed, it was necessary to pay close attention to the possibility that the momentum toward achieving the price stability target would be lost. These members said that it was appropriate for the central bank to consider revising the current forward guidance at this meeting.