Overview
Summary of opinions expressed by BOJ Monetary Policy Meeting members. Released approximately 1 week after each meeting.
Meeting summary （published 2026-01-05）
Summary of Opinions for the 18-19 December 2025 meeting. The policy rate was raised by 0.25 percentage point from around 0.5% to around 0.75% (unanimous). Members held that the mechanism of gradually rising wages and prices was likely to be sustained and confidence in the outlook had increased, so a hike was appropriate for achieving the 2% target in a sustainable and stable manner. Reasons cited included that US tariff effects could no longer be called an exceptional risk, that corporate profits were high and spring wage-hike momentum was intact, and that inflation would temporarily dip below 2% as food inflation faded but then rise with wage gains. Even after the hike to 0.75%, the real rate remained deeply negative, making it an adjustment within accommodative territory. Future adjustments should be decided meeting by meeting with careful examination of economic, price and financial conditions, without a preset pace.