boj minutes, 2022-03-18
A different member expressed the view that deterioration in the terms of trade due to the recent rise in commodity prices could push down domestic demand, but given that the economy was on its way to recovery from a downturn caused by COVID-19 and that the so-called forced savings were expected to serve as a buffer against a decline in households' real income, the resilience of domestic demand in the current phase was higher than it had been around 2008 -- another period in which the rise in commodity prices had been seen.
Sentiment: neutral
Topic: mp_economic_activity