Bank of Japan Minutes Show Doubts on 2015 Easing, Low Real Rates, USD/JPY Forecast to Reach 150

The Bank of Japan (BOJ) released the minutes of its monetary policy meetings from the first half of 2015, revealing internal debates over its unprecedented quantitative easing program. Initially, the BOJ aimed to achieve a 2% inflation target within two years but abandoned this goal by April 2015 amid doubts about the policy's effectiveness. The minutes show a sharp division between proponents and cautious members regarding the continuation of the so-called "unprecedented monetary easing." Recent reports from the BOJ indicate that real interest rates in Japan remain at exceptionally low levels, reflecting the ongoing dovish stance of the central bank. Market analysts suggest that this persistent low-rate environment could lead to further depreciation of the Japanese yen against the US dollar, with some forecasting the USD/JPY exchange rate reaching 150.