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The Bank of Japan (BoJ) released its March monetary policy meeting minutes on late Monday evening. According to minutes, some Board members were concerned over the negative effect of negative interest rates. They said that there was "anxiety among financial institutions and depositors had arisen, the Bank's policy conduct had become difficult to understand, market turbulence had become exacerbated; and excessive expectations for further monetary easing had been created".
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 kept its interest rate unchanged at -0.1% at its March monetary policy meeting.