In the minutes of BoJ’s July meeting, a few members said “the timing of a full-fledged recovery in Japan’s economy was likely to be somewhat delayed” comparing with the expectations in April.
Many members warned of the high uncertainty on overseas outlook. In particular, one member noted the deceleration in China’s economy “should be born in mind.” Also, one member warned, “if the rise in U.S. long-term interest rates accelerated, we must be vigilant to the risk of capital outflows from emerging economies.”
