Overview
Summary of opinions expressed by BOJ Monetary Policy Meeting members. Released approximately 1 week after each meeting.
Meeting summary （published 2025-08-08）
Summary of Opinions for the 30-31 July 2025 meeting. The policy rate was kept unchanged at around 0.5%. Many members held that, even after the Japan-US tariff agreement, the main scenario of a temporary pause in improving underlying inflation amid slower growth was unchanged, and that with tariff effects not yet visible in the data, the current accommodative environment should be maintained to support the economy. Some said assessing US tariff effects would take 2-3 more months, and that a wait-and-see mode could be lifted within the year if the US economy proved resilient. Others noted Japan's policy rate was likely below neutral and cautioned against missing the timing for a hike while equities welcomed the trade deal. On prices, members observed that inflation expectations were rising alongside corporate profits and wages, and suggested shifting external communication away from underlying inflation toward actual outcomes, projections, the output gap and expectations.