Overview
Summary of opinions expressed by BOJ Monetary Policy Meeting members. Released approximately 1 week after each meeting.
Meeting summary （published 2026-03-27）
Summary of Opinions for the 18-19 March 2026 meeting. The policy rate was kept unchanged at around 0.75%. Members noted that, given very low real rates, if the outlook materialised it would be appropriate to continue raising rates and adjusting the degree of easing in line with improving conditions; however, with heightened Middle East uncertainty sharply worsening market sentiment, a hold was appropriate this time. The timing of future hikes would be judged while checking the Middle East situation, wages, prices and financial conditions, with attention from the next meeting to the spread of wage hikes and early-year price increases. Some said underlying inflation persistently exceeding 2% must be avoided and that hikes should proceed without hesitation absent signs of the environment or SME wage-setting breaking down. Cost-push from higher oil, if transitory, warranted waiting for it to fade, but excessive yen weakness or wage overshoot from second-round effects could necessitate tightening.