BoJ proceeds cautiously towards unwinding of NIRP
Key points
- Summary of Opinions for January Policy Board meeting contained much talk of "exit" and marked sharp shift of tone from December meeting
- Exit discussions are clearly under way, and Board members appear to be gradually forming consensus on post-NIRP policy conduct
- By releasing "Summary" that focuses attention on exit, BoJ may be trying to revive speculation of policy revisions after it faded in mid-December
