The speech manuscript was published on the Bank of Japan's website. It did not suggest a September rate hike and avoided making a clear statement on the outlook from October onward.
The speech manuscript by Bank of Japan Deputy Governor Himino Ryozo (氷見野 良三), which had drawn attention as a basis for determining whether to raise rates in September, was published on the Bank of Japan's official website. No wording suggesting rate hikes in September or October could be found. Compared with the previous wording, which was based on the timing of the December 2025 rate hike, the latest communication has been described as strategic ambiguity.
The speech emphasized the policy of stabilizing the underlying inflation rate at around 2%, while paying close attention to situations in which the rate exceeds 2% and increases the risk of an upside surprise in prices.
A metaphor involving the brakes and accelerator of a large bus, a formulation distinctive to Deputy Governor Himino, was used. The speech stated that even if the way the accelerator is pressed changes, there is a time lag before the brakes take effect, and expressed the view that the degree of monetary accommodation should be adjusted while easing off the accelerator in a timely manner.
The backdrop was that the probability of a September rate hike had been seen as approximately 90% immediately beforehand. The latest manuscript contained no wording directly suggesting an early rate hike.