What changed in the Bank of Japan statement —
Bank of Japan held policy at 0.75%. The vote was 8-1. Read the official statement and the previous release side by side below.
Decision
- Decision: hold
- Policy rate: 0.75%
- Vote: 8-1
Dissenters
- Hajime Takata — preferred hike
Going into the decision
On the day, the committee read as hawkish — 1.3 on a scale where +3 means every member wants higher rates and −3 means every member wants cuts.
Reconstructed from official member remarks published before the decision date. 7 of 9 active members had stored official remarks.
Official statement
January 23, 202 6 Bank of Japan
Statement on Monetary Policy
At the Monetary Policy Meeting held today, the Policy Board of the Bank of Japan decided, by an 8-1 majority vote, to set the following guideline for money market operati ons for the intermeeting period: [Note]
The Bank will encourage the uncollateralized overnight call rate to remain at around 0.75 percent.
[Note] V oting for the action: UEDA Kazuo, HIMINO Ryozo, UCHIDA Shinichi, NOGUCHI Asahi, NAKAGAW A Junko, TAMURA Naoki, KOEDA Junko, and MASU Kazuyuki. V oting against the action: TAKATA Hajime. Takata Hajime considered that the price stability target had been more or less achieved and that, with overseas economies being in a recovery phase, risks to prices in Japan were skewed to the upside . He proposed that the Bank set the guideline for money market operations as follows: the Bank would encourage the uncollaterali zed overnight call rate to remain at around 1.0 percent. The proposal was defeated by a majority vote.
Reference Meeting hours: Thursday, January 22: 14:00-15:50 Friday, January 23: 9:00-12:00 Policy Board members present: UEDA Kazuo, Chairman (Governor) HIMINO Ryozo (Deputy Governor) UCHIDA Shinichi (Deputy Governor) 1 NOGUCHI Asahi NAKAGAWA Junko TAKATA Hajime TAMURA Naoki KOEDA Junko MASU Kazuyuki
1 UCHIDA was present via conference call. [Others present] January 22 From the Ministry of Finance: MAEDA Tsutomu, Deputy Vice-Minister for Policy Planning and Coordination (14:00-15:50) From the Cabinet Office: HAYASHI Sachihiro, Vice-Minister for Policy Coordination (14:00-15:50) January 23 From the Ministry of Finance: NAKATANI Shinichi, State Minister of Finance (9:00-11:34, 11:42-12:00) From the Cabinet Office: IWATA Kazuchika, State Minister of Cabinet Office (9:00-11:34, 11:42-12:00) Release dates and times: Statement on Monetary Policy -- Friday, January 23 at 12:07 Outlook for Economic Activity and Prices (Outlook Report) The Bank's View -- Friday, January 23 at 12:07 Full text -- Monday, January 26 at 14:00 Summary of Opinions -- Monday, February 2 at 8:50 Minutes of the Monetary Policy Meeting -- Wednesday, March 25 at 8:50
Related
Full meeting record · Press conference transcript · Previous statement · Next statement
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