Overview
Summary of opinions expressed by BOJ Monetary Policy Meeting members. Released approximately 1 week after each meeting.
Meeting summary （published 2025-11-10）
Summary of Opinions for the 29-30 October 2025 meeting. The policy rate was kept unchanged at around 0.5%. Members noted that if the outlook materialised, rate hikes and adjustment of the degree of easing would continue in line with improving economic and price conditions, but that judgments should be made without prejudgment given high uncertainty. For the outlook, firms' profit plans premised on a 15% tariff would soon firm up, making the initial momentum of wage-setting toward next spring's labour negotiations important. Several members judged it appropriate to wait given continued uncertainty over US trade policy and the still-unclear direction of the new administration's economic policy. Others held that conditions to advance normalisation one step further were falling into place and that a policy change could follow if firms' proactive wage-setting was confirmed absent bad news. Japan's policy rate was noted to be below neutral.