Overview
Summary of opinions expressed by BOJ Monetary Policy Meeting members. Released approximately 1 week after each meeting.
Meeting summary （published 2025-09-29）
Summary of Opinions for the 18-19 September 2025 meeting. The policy rate was kept unchanged at around 0.5%. Many members held that the view of a temporary growth slowdown even with a 15% US tariff was unchanged, that inflation would fall below 2% next fiscal year as food cost-push faded, and that maintaining the status quo was appropriate for now. Some felt that more than six months since the last hike, another hike could be considered, but judged a hold appropriate given uncertainty about the extent of any US downturn. Some warned against a surprise hike and stressed domestic demand's vulnerability to external shocks, wanting more hard data. Others argued conditions were coming into place to return to a hiking stance and adjust Japan's internationally low real rate. On the balance sheet, several members said that, following completion of the disposal of bank-held equities, sales of ETFs and J-REITs should begin without much delay.