BOJ minutes show members watching land price rises

TOKYO: Many members of the Bank of Japan Policy Board agreed they need to closely watch recent rises in land prices and how they could affect the economy, minutes of the central bank's April 9-10 meeting showed on Tuesday. "Some members said land prices have risen strongly in some parts of metropolitan areas, where property transactions have been active," the minutes showed.

"While prices of land are generally set in a way that is consistent with expected returns, close attention should be paid to asset price moves and their effect on economic activity," many members were quoted as saying.

The nine-member board voted unanimously at the meeting to keep the overnight call rate target unchanged at 0.50 percent.

The central bank has kept monetary policy on hold since raising the key policy rate by a quarter percentage point in February, which was the first rate hike since July last year.