BOJ minutes – discussed if wage hikes would continue while profits weak for many firms

Nothing in these is a game changer. Headlines via Reuters:

• Members agreed it was important to check whether wage hikes will
  continue next year and onward
• a few members said chance of firms
  continuing to raise wages next year was high
• one member said
  there was strong chance corporate wage, price-setting behaviour will
  be sustained
• one member said must check whether wage rises will
  broaden as 60% of Japan’s small, medium-sized firms run red ink and
  have weak profit standings
• one member said inflation could
  overshoot expectations as change in corporate behaviour broadens
• one
  member said wages, sales prices could rise at pace unseen in past
• one
  member said many small, medium-sized firms say they have trouble
  passing on rising costs, which could mean wage growth could lose
  momentum
• members agreed the BOJ must maintain current monetary
  easing to stably, sustainably hit price target
• many members said
  Japan has stable, sustained achievement of price target, accompanied
  by wage growth, was not yet in sight
• one member said there was
  still big distance before tweaking negative rate policy

One member said the BOJ must sustain YCC framework in line with
commitment it has made in its statement

one member said now is
time to wait for trend inflation to heighten

one member said the BOJ could gain clarity in Jan-March next year to determine whether Japan
can sustainably hit price target