Mentions of “AI” have surged in the BOJ and Fed minutes. The June FOMC minutes contained 23 references to AI, while the July minutes of the BOJ’s monetary policy meeting contained 45, making AI investment an increasingly important theme in monetary policy discussions.
As views strengthen that AI will affect the macroeconomy and monetary policy, mentions of “AI” in the Fed’s FOMC minutes have risen sharply. AI appeared 5 times at the October 2025 FOMC, but the number surged to 23 in the latest minutes, released in June. This suggests that AI-related investment began to be viewed as important in measures taken after the tariff shock in April.
Mentions related to AI have also begun to increase in the Bank of Japan’s minutes. Since its first appearance in October 2025, the number had nearly doubled by June and rose to 45 in July. Like the Fed, the BOJ is increasingly placing AI investment at the center of its discussions as a factor that could influence the macroeconomy.
The surge in semiconductor stocks and year-on-year growth in global semiconductor sales are providing real-data support for the impact of AI investment, raising the possibility that expanding AI investment could influence monetary policy in multiple countries.
Discussions of AI among policymakers are expected to be an important factor in interpreting the future course of monetary policy and macroeconomic trends, and attention is focusing on further developments.