BOJ Holds

Bank of Japan Sets Overnight Call Rate at 0.75%

Tokyo, Japan

On January 23, 2026, the Policy Board of the Bank of Japan announced its decision regarding the guideline for money market operations for the upcoming intermeeting period. The Board decided to encourage the uncollateralized overnight call rate to remain at around 0.75 percent.

Voting Breakdown The policy was adopted by an 8-1 majority vote. The members voting in favor of the action were:

• UEDA Kazuo

• HIMINO Ryozo

• UCHIDA Shinichi

• NOGUCHI Asahi

• NAKAGAWA Junko

• TAMURA Naoki

• KOEDA Junko

• MASU Kazuyuki

Dissenting Opinion TAKATA Hajime voted against the proposal. Takata argued that the price stability target had been “more or less achieved” and noted that, with overseas economies in a recovery phase, the risks to prices in Japan were “skewed to the upside”.

Based on this assessment, Takata proposed raising the uncollateralized overnight call rate to around 1.0 percent. However, this counter-proposal was defeated by the majority.