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