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BOJ Jan minutes: Members pushed back against rate hike idea

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Bank of Japan board members rejected the notion that the central bank will raise its 10-year government bond yield target in the future to match expected gains in Treasury yields, minutes of their January monetary policy meeting showed on Wednesday.

These members said the BOJ should focus solely on meeting its 2 percent inflation target, which remains a difficult task due to worries about overseas economies and inflation expectations, the minutes showed.

At the Jan. 30-31 policy meeting, the BOJ raised its growth projections but warned that prospects for hitting its 2 percent inflation target remained uncertain.

The BOJ also maintained its pledge to guide short-term interest rates at minus 0.1 percent and the 10-year government bond yield around zero percent.