The Minutes of April 24-25 BoJ meeting showed that some members suggested clarifications on the forward guidance, “with the aim of strengthening public confidence in its monetary easing stance”. That came as “many members” recognized the “high uncertainties” regarding economic outlook and prices. And, it was likely to “still take time to achieve 2 percent inflation”.

In the statement after that meeting, BoJ added: “The Bank intends to maintain the current extremely low levels of short- and long-term interest rates for an extended period of time, at least through around spring 2020, taking into account uncertainties regarding economic activity and prices including developments in overseas economies and the effects of the scheduled consumption tax hike.”

One member said “at least through around spring 2020” as providing a specific time frame with open-ended elements. Some members also noted that clarifying the meaning of “for an extended period of time” implied a fairly long period of time was necessary.

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