Overview
Summary of opinions expressed by BOJ Monetary Policy Meeting members. Released approximately 1 week after each meeting.
Meeting summary （published 2026-02-02）
Summary of Opinions for the 22-23 January 2026 meeting. The policy rate was kept unchanged at around 0.75% (8 in favour, 1 against; member Takada argued for a hike to around 1.0%, citing the near-achievement of the 2% target and domestic upside inflation risks). Members noted that although little time had passed since the December hike, financial conditions remained accommodative given firms' funding demand, banks' lending attitudes and CP/corporate bond issuance conditions. If the pace of hikes was not abrupt, undue concern about corporate earnings was unnecessary; given the recent weak yen, conditions were still quite accommodative, underlying inflation was steadily approaching 2%, and the degree of easing should be adjusted at an appropriate time. Some said one should not spend too long verifying the effects of hikes before moving to the next step given the urgency of addressing inflation. On long-term rates, members flagged the recent one-sided steepening and said flexible responses, including JGB purchases, should be considered when volatility rose, especially in super-long maturities.