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Statement on Monetary Policy

January 23, 2026
Bank of Japan

At the Monetary Policy Meeting held today, the Policy Board of the Bank of Japan decided, by an 8-1 majority vote, to set the following guideline for money market operations for the intermeeting period: [Note]

The Bank will encourage the uncollateralized overnight call rate to remain at around 0.75 percent.

  • [Note] Voting for the action: UEDA Kazuo, HIMINO Ryozo, UCHIDA Shinichi, NOGUCHI Asahi, NAKAGAWA Junko, TAMURA Naoki, KOEDA Junko, and MASU Kazuyuki. Voting against the action: TAKATA Hajime. Takata Hajime considered that the price stability target had been more or less achieved and that, with overseas economies being in a recovery phase, risks to prices in Japan were skewed to the upside. He proposed that the Bank set the guideline for money market operations as follows: the Bank would encourage the uncollateralized overnight call rate to remain at around 1.0 percent. The proposal was defeated by a majority vote. Return to text

(Reference)

Meeting hours:
  • Thursday, January 22: 14:00-15:50
  • Friday, January 23: 9:00-12:00
Policy Board members present:
  • UEDA Kazuo, Chairman (Governor)
  • HIMINO Ryozo (Deputy Governor)
  • UCHIDA Shinichi (Deputy Governor) 1
  • NOGUCHI Asahi
  • NAKAGAWA Junko
  • TAKATA Hajime
  • TAMURA Naoki
  • KOEDA Junko
  • MASU Kazuyuki
  • 1 UCHIDA was present via conference call.

[Others present]

January 22
From the Ministry of Finance:
MAEDA Tsutomu, Deputy Vice-Minister for Policy Planning and Coordination (14:00-15:50)
From the Cabinet Office:
HAYASHI Sachihiro, Vice-Minister for Policy Coordination (14:00-15:50)
January 23
From the Ministry of Finance:
NAKATANI Shinichi, State Minister of Finance (9:00-11:34, 11:42-12:00)
From the Cabinet Office:
IWATA Kazuchika, State Minister of Cabinet Office (9:00-11:34, 11:42-12:00)
Release dates and times:
Statement on Monetary Policy -- Friday, January 23 at 12:07
Outlook for Economic Activity and Prices (Outlook Report)
The Bank's View -- Friday, January 23 at 12:07
Full text -- Monday, January 26 at 14:00
Summary of Opinions -- Monday, February 2 at 8:50
Minutes of the Monetary Policy Meeting -- Wednesday, March 25 at 8:50