The minutes show the majority of board members considered a return to the zero-interest-rate policy of guiding the overnight call money
rate to around zero as they agreed the economy is in a trend of gradual recovery.
On July 7 the Bank of Japan guided the overnight call money
rate to a historic low of 0.75 percent, below the official discount rate (ODR).
At a two-day policy meeting, BOJ's seven-member policy board has decided unanimously to keep its target rate for unsecured overnight call money
for the twelfth straight month.
The central bank's eight-member Policy Board voted unanimously to keep the target rate for unsecured overnight call money
It is the second month in a row for the IBJ to cut the rate, which comes amid a decline in long-term rates following the Bank of Japan's decision to trim its target rate for unsecured overnight call money
last week to around 0.15% from 0.25%.
Asked to comment on the Bank of Japan's decision last week to guide the key unsecured overnight call money
rate to around 0.25% from 0.4-0.5%, Brown said he expects the easing of monetary policy to work in the economy's favor.
The central bank's policy board has unanimously decided to keep the target rate for unsecured overnight call money
on hold, it said.
The interest rate for unsecured overnight call money
moved around 0.4 percent most of the day, below the bank's guiding target of around 0.5 percent.
Hiranuma made the comments a day after the central bank pared its target rate for unsecured overnight call money
to 0.15% from 0.25% and cut its largely symbolic official discount rate to 0.25% from 0.35%, and the benchmark Nikkei Stock Average closed at a 15-year low.
In the interbank-borrowing market, the weighted average of overnight call money
rates temporarily dropped to 0.20 percent, well below the BOJ's official target of 0.50 percent.
The central bank has injected fresh liquidity into the money market as overnight call money
rates on borrowing by foreign banks remained in the mid-0.5 to mid-0.6 percent levels, above the BOJ's official target of around 0.5 percent.