Overview
Summary of opinions expressed by BOJ Monetary Policy Meeting members. Released approximately 1 week after each meeting.
Meeting summary （published 2026-05-13）
Summary of Opinions for the 27-28 April 2026 meeting. The policy rate was kept unchanged at around 0.75%. Members held that, with underlying inflation approaching 2% and real rates very low, continuing to raise rates and adjust the degree of easing was appropriate as conditions warranted. Others said the Middle East situation was hard to foresee, forcing a wait-and-see stance, and that with March CPI (excluding fresh food) still below 2%, a hold was fine for now. Some judged a hike at a coming meeting was quite possible even amid Middle East uncertainty, and some argued for an early hike absent clear signs of a slowdown. Members noted upside inflation risks were high and that, with Japan's real policy rate by far the world's lowest, the negative real rate should keep being adjusted; some said returning to the previous hiking pace would be appropriate once a recovery in oil supply came into view.