At the BOJ’s September meeting, members agreed that medium- to long-term inflation would rise and shared the view that it would reach a level above 2% from the second half of fiscal 2026 onward.
According to the minutes of the BOJ’s 17-18 September Monetary Policy Meeting, members shared the view that, from the second half of fiscal 2026 onward, the rate of increase in prices was expected to rise to a level clearly above 2%.
Members also agreed that medium- to long-term inflation expectations would rise. They shared the view that the underlying rate of increase in consumer prices was expected to gradually accelerate, reach a level consistent with the price stability target from the second half of fiscal 2026 through fiscal 2027, and remain at around that level thereafter.
Members shared the view that it would be important going forward to assess, from the perspective of achieving the price stability target on a sustained and stable basis, whether this would become firmly established at around 2%.