Banks › Bank of Japan › History › 23 Jan 2026
Bank of Japan: decision of 23 January 2026
The Bank of Japan kept its short-term policy rate at around 0.75%.
Decision
hold
- Rate
- 0.75%=0.75%
- Change
- 0 bp
- Vote
- 8–1
- Announced
Sources
- Statement
- boj.or.jp/en/mopo/mpmdeci/state_2026/k2…
- Summary of Opinions
- boj.or.jp/en/mopo/mpmsche_minu/opinion_…
- Minutes
- boj.or.jp/en/mopo/mpmsche_minu/minu_202…
- Outlook Report
- boj.or.jp/en/mopo/outlook/gor2601b.pdf
- Recorded
- 23 Jan 2026
- Data
- JSON
What the bank said
The Bank said Japan's economy was likely to keep growing moderately, supported by the government's economic measures and accommodative financial conditions, while affected by trade policies abroad.
It said core CPI inflation (all items less fresh food), recently around 2.5%, was likely to fall below 2% in the first half of 2026 as the effect of higher food prices such as rice faded, while underlying inflation kept rising moderately.
It said risks to both economic activity and prices were generally balanced.
Guidance. The Bank said that if its outlook is realised it will continue to raise the policy rate and adjust the degree of monetary accommodation.
Dissent
Takata Hajime proposed raising the rate to around 1.0%, considering that the price stability target had been more or less achieved and that risks to prices were skewed to the upside.
Before and after
- Previous decision: 19 Dec 2025, raised the uncollateralized overnight call rate (short-term policy interest rate) by 25 bp to 0.75%.
- Next decision: 19 Mar 2026, held the uncollateralized overnight call rate (short-term policy interest rate) at 0.75%.
- All Bank of Japan decisions and the rate history