BOJ Holds Policy Rate at 0.75% by 6–3 Vote
The Bank decided by a 6–3 vote to keep the uncollateralized overnight call rate at around 0.75%. Nakagawa, Takata and Tamura dissented. 12
The three dissenters proposed raising the rate to around 1.0%, citing upside risks to prices. The proposal was rejected by a majority. 12
The Outlook Report assumes Dubai crude starting at about $105 per barrel and falling to the $70s by the end of the projection period. It assumes Middle East effects ease and no large-scale supply chain disruption occurs. 1
Growth is expected to slow in fiscal 2026 on worsening terms of trade from higher oil prices, but to remain moderate. Growth is projected to rise gradually from fiscal 2027. 12
Cited releases · 5
BoJPress conferenceApr 28, 2026JA
Governor's regular press conference (April 28, 2026) AIAI translation
BoJMinutesJun 19, 2026JA
Minutes of the Monetary Policy Meeting (April 27–28, 2026) AIAI translation
AI These are the minutes of the Monetary Policy Meeting held on April 27 and 28, 2026, approved at the June 15 and 16, 2026 meeting and released on June 19. The executive staff reported on money market operations (the uncollateralized overnight call rate moved in a range of 0.726-0.728%, and JGB purchases were about 2.7 trillion yen per month in April) and on domestic and overseas economic and financial conditions, and the members discussed the current state of the economy and prices in light of developments including the Middle East situation.
BoJReportApr 28, 2026JA
Outlook for Economic Activity and Prices (April 2026): The Bank's View AIAI translation
BoJStatementApr 28, 2026JA
Statement on Monetary Policy AIAI translation
BoJReportMay 12, 2026JA