The BOJ released the main opinions from its previous meeting, with successive calls for an early move to a neutral policy rate. At the same time, many members supported maintaining policy while assessing the impact of rate hikes, and developments in the 2027 annual spring wage negotiations were cited as a focus for an additional rate hike.
The BOJ released the main opinions from its Monetary Policy Meeting held on 29–30 October. Some members said that the underlying inflation rate had reached the 2% level, and calls to accelerate the shift away from monetary easing were prominent.
At the same time, many members said the impact of rate hikes needed to be assessed and that the policy rate should be maintained, while the 2027 annual spring wage negotiations were cited as a focus for an additional rate hike.
Several committee members said, “We are at a stage where the pace of reaching the neutral interest rate should be accelerated,” indicating an approach of “taking time while proceeding” in light of the accommodative environment.
The BOJ was repeatedly reported to have indicated its emphasis on the 2% target for underlying inflation.