BOJ: Releases Summary of Opinions

On Jun 17th Bank of Japan (BOJ) raised Target Rate by 25bps to 1.00% (as expected) to resume its tightening cycle (5th overall hike).

Vote to hike was not unanimous (7-1); Asada dissented against the rate hike.

Vote for the revised bond plan was 7-1, with Tamura dissenting for steady issuance.

Statement noted to keep raising rates in response to economy, prices.

To pause bond taper from April 2027; To keep monthly pace of JBG buying at around ¥2T. - BOJ Deputy Gov Shinichi Uchida post rate decision press conference reiterated its overall assessment that the domestic economy had been developing generally in line with BOJ's baseline scenario.

Downside risks for economy had lowered but saw risk for price trend to rise above 2%.

Real interest rates had been negative mainly in short-, medium-term zone.

Financial conditions had been and to remain accommodative.

FX could affect underlying inflation and had larger impact on prices than in past; Would conduct monetary policy appropriately to avoid falling behind the curve. **Insight: BOJ has raised its key rate five times under the current tightening cycle by a total of 100bps.

The last hike was in Jun 2026 (last meeting)