As the Nikkei reported today, private-sector banks were criticized by some Japanese central bank policymakers for their failure to adequately reduce risks from holding stocks. At first, criticism came at the Bank of Japan's February 3 meeting, when the bank decided to resurrect a stock-purchasing program, which involved spending up to 1 trillion yen (or $11.5 billion) purchasing stocks held by financial institutions, in order to ensure financial system stability.

The intention to buy shares had taken the market by surprise when it was announced at the day's noon trading recess and prompted a 2.7% jump in the benchmark Nikkei 225 Average.

The report cited portions of the minutes released in response to a Nikkei request made under the public information disclosure law. However, it’s stated in the report that the minutes from the special meeting were redacted, "omitting details deemed sensitive to its future monetary policy."