Bank of Japan's July meeting Summary of Opinions has been released.

Key notes

Prolonged chip shortage and monetary tightening by some central banks are weighing on the global economy.
    
Must be mindful of the risk that monetary tightening by the US, and European central banks could lead to u.s. recession, negative market shock and affect Japan's economy.
    
Hard to foresee inflation stably hitting BoJ's target when looking at the output gap, and inflation expectations.
    
Various goods and services prices are likely to gradually rise as commodity costs are expected to stay high for time being.
    
There is a chance companies' price-setting mindset is changing as various firms are hiking prices.
    
BoJ must take additional easing steps without hesitation if needed, and maintain forward guidance on interest rates.
    
Appropriate to decide at sept policy meeting fate of the pandemic-relief programme, given the rapid renewed spike in covid infection cases.
    
BoJ must look not just at underlying inflation figures, but at inflation expectations and outlook for prices in guiding policy.
    
Must accurately gauge wage developments in guiding policy.

Japan's financial system stable as a whole but must be vigilant to risk that at some point, side-effects of monetary easing could materialise.

USD/JPY update

Meanwhile, USD/JPY is higher on the day by some 0.26% due to a beaten-down US dollar and lower Us yields following the prior day's Federal Reserve meeting and dovish tilt.