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QuestionWhat are Monetary Policy Meetings (MPMs), and when are they held?


The Policy Board, the highest decision-making body of the Bank, regularly holds Monetary Policy Meetings (MPMs) to discuss and decide matters concerning the conduct of monetary policy. MPMs are conducted under the following framework.

Frequency of MPMs

MPMs are held eight times a year, and each MPM is held over a period of two days.

Announcement of the MPM Schedule

The schedule of MPMs for the next calendar year is, in principle, released around the middle of the current year. Schedules of the upcoming MPMs are available at Monetary Policy Meetings.

Matters to Be Decided at MPMs

The Policy Board discusses matters such as the following:

  1.  (1) Guidelines for market operations.
  2.  (2) The basic discount rate, the basic loan rate, and the reserve requirement ratios.
  3.  (3) Monetary policy measures (e.g., the types and conditions of bills and bonds as well as the types of collateral pertaining to market operations).
  4.  (4) The Bank's view on economic and financial developments.

Announcement of MPM Decisions

MPM decisions, regardless of whether or not a policy change takes place, are announced immediately after each MPM.

Publication of the Outlook for Economic Activity and Prices (Outlook Report)

The Bank releases the Outlook Report, after discussing and voting on it four times a year, at MPMs generally held in January, April, July, and October.

Publication of the Summary of Opinions

A document containing a summary of the opinions presented at each MPM is compiled and released, in principle, on the sixth business day after the meeting.

Publication of the Minutes and Transcripts of MPMs

The minutes of each MPM are approved by the Policy Board at the following MPM, and released on the third business day after approval.  In some cases of unscheduled MPMs, when it is difficult to prepare the draft of the minutes by the time the following MPM takes place, the minutes are approved at the second MPM after the unscheduled MPM.

The transcript of each MPM is published ten years after the MPM (available only in Japanese).

Relationship with the Government

The Minister of Finance, or a delegate designated by the minister, and the Minister of State for Economic and Fiscal Policy,1 or a delegate designated by the minister, do not have voting rights, but they may attend MPMs when necessary and (1) express opinions, (2) submit proposals, and/or (3) request the Policy Board to postpone a vote on proposals until the next MPM.2  When such a request is made, the Policy Board decides whether or not to accommodate the request.3

The chairperson of the Policy Board,4 pursuant to a Cabinet Order, regularly calls MPMs.  In addition, unscheduled MPMs are called when the chairperson finds it necessary, or when one-third or more of the Policy Board members find it necessary and request the chairperson to do so.5

  1. If the office of the Minister of State for Economic and Fiscal Policy is vacant, the Prime Minister assumes the post.
  2. Stipulated by Article 19, paragraphs 1 and 2 of the Bank of Japan Act.
  3. Stipulated by Article 19, paragraph 3 of the Bank of Japan Act.
  4. At present, the Bank's Governor performs the duties of the chairperson.
  5. Stipulated by Article 17 of the Bank of Japan Act.

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