The Bank of Japan published a summary of views from its September meeting and indicated that it would maintain the uncollateralized overnight call rate at around 1.25%. It set the interest rate on the complementary deposit facility at 1.25% and the basic loan rate on the complementary lending facility at 1.5%, effective 24 September.
The Bank of Japan published a summary of opinions from its Monetary Policy Meeting held on 17–18 September 2026. The meeting decided by a 7–2 majority to maintain the uncollateralized overnight call rate at around 1.25%, with the new guidelines taking effect on 24 September 2026. It also decided on the same date to set the interest rate on the complementary deposit facility at 1.25% and the basic loan rate on the complementary lending facility at 1.5%.
The statement also specified that, by unanimous decision, the Bank would change its funding operations from financing support for climate change responses to loans with variable interest rates. Individual views differed on trends in the CPI and economic conditions as reasons for the votes in favor and against, but overall the statement indicated an intention to maintain accommodative financial conditions while remaining alert to inflation risks.
The published assessment stated that economic activity and prices were broadly in line with the baseline outlook and assumed that the CPI would rise at an annual rate in the range of 1.5% to 2.0%. It also included the view that the CPI could accelerate to above 2% from the second half of fiscal 2026, identifying this as a focus of future policy management.
A footnote to the meeting stated that the full minutes would be released on 5 November 2026 and that the minutes were scheduled to be published on 23 December 2026. It also suggested that representatives of the Ministry of Finance and the Cabinet Office should bear in mind accountability for future policy management and the outlook for the neutral interest rate.