Several BOJ members said external demand, manufacturing important for recovery: October 3-4 minutes

TOKYO (Reuters) – Several members of the Bank of Japan’s policy board said firm external demand and strong manufacturing are necessary for a sustained recovery but warned that these two areas were so far somewhat lacking in strength, minutes of the central bank’s October 3-4 policy meeting showed on Wednesday.

One member also said a slow recovery in exports was a sign of declining competitiveness and this could hamper Japan’s economic growth.

At the meeting, the BOJ upgraded its assessment of capital expenditure and left its monetary stimulus unchanged.

At a subsequent meeting on October 31, three members of the board dissented against the bank’s rosy outlook for achieving its 2 percent inflation target, marking the biggest rift since BOJ Governor Haruhiko Kuroda’s tenure began in April.

(Reporting by Stanley White- Editing by Chang-Ran Kim)