TOKYO (AFX-ASIA) - The Bank of Japan must pay "close attention" to risks for the domestic economy from overseas economies, as well as financial markets at home and abroad, monetary policy board members said at their Dec 15 meeting.
The minutes of the meeting said many members believed "the economy continued to recover gradually, albeit at a somewhat slower pace due to decelerating export growth."
However, "risk factors, such as developments in overseas economies and financial markets at home and abroad and their effects on the economy, required close attention," the minutes said.
"Many members said that downside risks, mainly those related to overseas economic factors, had increased slightly," they said.
However, the "majority of members ... expressed the opinion that it was necessary to wait for more information and carefully monitor the situation in view of the uncertainty remaining about the U.S. economy."
The members voted to maintain the uncollateralized overnight call rate at around 0.25 pct, with only one dissenter.