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AIAI briefMeeting brief2026-09-18BoJ

BOJ raises policy rate to 1.25% at 18 September 2026 meeting, with two dissents

The Bank of Japan decided, by a vote of 7 to 2, to guide the uncollateralized overnight call rate to around 1.25%, up from around 1.0%. The new target applies from the next business day, 24 September. 12
The interest rate on the complementary deposit facility was set at 1.25% and the basic loan rate at 1.5%, also by a 7 to 2 vote. 1
Board members Asada and Sato dissented. Asada preferred to keep the policy unchanged because core CPI inflation was below 2% and the economy was not necessarily strong. Sato said a rate hike at this timing was not appropriate because the economy and prices were not accelerating significantly compared with before. 1
The Bank unanimously decided to change the lending rate for its climate change response operations to a floating rate and to set caps on items such as total lending. 12
The Bank said Japan's economy is recovering moderately, with some weak movements partly due to the Middle East situation, and that underlying inflation is approaching 2%. It said developments were broadly in line with the baseline outlook in the Outlook Report. 12
The Governor said the Bank would continue raising the policy rate in line with economic, price and financial conditions. The summary of opinions, published 1 October, recorded views that the economy and prices were moving broadly within the range assumed in the July Outlook Report. 12

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Summary of Opinions at the Monetary Policy Meeting (Held on September 17 and 18) AIAI translation

AI This document compiles the main opinions expressed at the Bank of Japan's Monetary Policy Meeting held on September 17 and 18, 2026. On the economy and prices, members saw a moderate recovery despite the effects of the Middle East situation, with underlying inflation approaching 2%. On policy, the document records both views that raising the policy rate to adjust the degree of monetary easing is appropriate and views that holding it steady is preferable, and it also includes the opinions of the government (Ministry of Finance and Cabinet Office).