Bank of Japan Minutes, 16 & 17 Dec 2004

The Bank of Japan's minutes from its 16 and 17 December Monetary Policy meeting revealed that board members see four negative side-effects of the BoJ's current super-loose credit policy.

Those four side-effects were an increase in moral hazard among borrowers; a decline in the functioning of the money market; reduced flexibility in the BoJ's conduct of monetary policy; and a weakening of fiscal discipline

But the minutes said board members "concurred that in the current situation, these side

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