The Bank of Japan set the guideline for money market operations for the intermeeting period, encouraging the uncollateralized overnight call rate to remain at around 0.75 percent, in a decision approved by an 8-1 vote. Policy Board member Hajime Takata dissented, arguing that the price stability target had been more or less achieved and that improving overseas economies skewed risks to prices in Japan to the upside. He proposed setting the guideline to encourage the uncollateralized overnight call rate to remain at around 1.0 percent, but the proposal was defeated by a majority vote.
Bank of Japan 2026-01-23
Bank of Japan votes 8-1 to keep uncollateralized overnight call rate around 0.75%
The Bank of Japan set the guideline for money market operations, maintaining the uncollateralized overnight call rate at approximately 0.75 percent, with an 8-1 vote. Policy Board member Hajime Takata dissented, suggesting a rate of 1.0 percent due to perceived price stability and improving overseas economies, but his proposal was defeated.