April 28, 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
a 6-3 majority vote, to set the following guideline for money market operations 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, KOEDA Junko, MASU
Kazuyuki, and ASADA Toichiro. V oting against the action: NAKAGAW A Junko, TAKA TA Hajime, and
TAMURA Naoki. Nakagawa Junko considered that, while the situation in the Middle East remained
unclear, given economic developments, risks to prices were skewed to the upside under accommodative
financial conditions. Takata Hajime considered that the price stability target had been more or less
achieved and that risks to prices in Japa n were already skewed to the upside due to the second -round
effects of price rises stemming from overseas developments. Tamura Naoki considered that, with risks
to prices becoming significantly skewed to the upside, the Bank should set the policy interest rate as
close to the neutral rate as possible. They proposed that the Bank set the guideline for money market
operations as follows: the Bank would encourage the uncollateralized overnight call rate to remain at
around 1.0 percent. The proposals were defeated by majority votes.
Reference
Meeting hours:
Monday, April 27: 14:00-15:59
Tuesday, April 28: 9:00-11:57
Policy Board members present:
UEDA Kazuo, Chairman (Governor)
HIMINO Ryozo (Deputy Governor)
UCHIDA Shinichi (Deputy Governor) 1
NAKAGAWA Junko
TAKATA Hajime
TAMURA Naoki
KOEDA Junko
MASU Kazuyuki
ASADA Toichiro
1 UCHIDA was present via conference call.
[Others present]
April 27
From the Ministry of Finance:
MAEDA Tsutomu, Deputy Vice-Minister for Policy Planning and Coordination
(14:00-15:59)
From the Cabinet Office:
HAYASHI Sachihiro, Vice-Minister for Policy Coordination (14:00-15:59)
April 28
From the Ministry of Finance:
NAKATANI Shinichi, State Minister of Finance (9:00-11:29, 11:38-11:57)
From the Cabinet Office:
MIZUTA Yutaka, Deputy Director General for Economic and Fiscal Management (9:00-9:13)
KIUCHI Minoru, Minister of State for Economic and Fiscal Policy (9:14-11:29, 11:38-11:57)
Release dates and times:
Statement on Monetary Policy -- Tuesday, April 28 at 12:04
Outlook for Economic Activity and Prices (Outlook Report)
The Bank's View -- Tuesday, April 28 at 12:04
Full text -- Thursday, April 30 at 14:00
Summary of Opinions -- Tuesday, May 12 at 8:50
Minutes of the Monetary Policy Meeting -- Friday, June 19 at 8:50