The Bank of Japan (BoJ) released its January monetary policy meeting minutes on late Tuesday evening. According to minutes, there was a split over the negative interest rates. Only 5 of 9 board members voted for the interest rate cut.

The central bank said the employment and income situation continued to improve steadily, while private consumption was resilient.

Board members shared the recognition that the Japanese economy continued to expand moderately, but exports and production were affected by the slowdown in emerging economies.

Board members noted that consumer price inflation was about 0% and it was likely to remain at this level for the time being due a decline in energy prices.

The BoJ decided to lower its interest rate to -0.1% from 0.1% at its January monetary policy meeting.

BoJ Governor Haruhiko Kuroda said this week that an interest rate cut to -0.5% was possible.