BoJ members shared view CB must support economy, which is under pressure from rising commodity prices

The minutes of the Bank of Japan showed that policymakers agreed on the need to maintain ultra-low interest rates to support a fragile economy, as Reuters reports, and ensure rising inflation was accompanied by higher wages, minutes of their June rate-setting meeting showed on Tuesday.

Key notes

''Some in the nine-member board, however, saw price rises broadening and leading to changes in long-held public perceptions that inflation and wages would not rise much in the future, the minutes showed.

At the June meeting, the BOJ maintained ultra-low interest rates and vowed to defend its cap on bond yields with unlimited buying, bucking a global wave of monetary tightening in a show of resolve to focus on supporting a tepid recovery.''

USD/JPY update

USD/JPY has been slightly offered in Tokyo as the US dollar continues to bleed out with 136.20 on the radar as a key pivot area on the bullish correction in the hourly time frame: