On September 18, 2026, the Bank of Japan published a statement after a two-day meeting of its Policy Board. Its Japanese title is 金融市場調節方針の変更について. The Bank's own English version calls it Change in the Guideline for Money Market Operations. As of October 12, 2026, it is the most recent statement on the Bank's list for 2026.
It prints a rate, a vote count, the names on each side, and one sentence of reasoning for each member who voted against. We read it in order. Where we quote English, it is the Bank's own English version of the same statement. This is not investment advice, and we take no view on whether the decision is right or wrong.
Item 1: the guideline
The statement says that at the Monetary Policy Meeting held that day, the Policy Board decided the guideline for money market operations for the period until the next meeting. In parentheses it prints the vote: 賛成７反対２, 7 in favour and 2 against.
Then the guideline itself, in one sentence: 無担保コールレート（オーバーナイト物）を、１．２５％程度で推移するよう促す。 In the Bank's English: "The Bank will encourage the uncollateralized overnight call rate to remain at around 1.25 percent."
A footnote says the new guideline applies from the next business day, September 24, 2026.
Items 2 and 3: other rates
In accordance with the change in the guideline, the Board also changed two other interest rates, again by 7 votes to 2.
- Interest rate applied to the complementary deposit facility: 1.25%
- Basic loan rate: 1.5%
- Basic discount rate (in a footnote): 1.5%
Both apply from September 24, 2026. The statement prints the new levels only. It does not print the levels they replace.
Item 3, on the Bank's climate change operations, was decided by a unanimous vote.
The note: who voted how
A note under the main text names every vote.
- For (7): Ueda Kazuo, the Governor; Himino Ryozo and Uchida Shinichi, the Deputy Governors; Takata Hajime, Tamura Naoki, Koeda Junko and Masu Kazuyuki.
- Against (2): Asada Toichiro and Sato Ayano.
The note itself prints family names only. The given names and titles come from the statement's reference page, and the spellings are the Bank's.
The two dissents, as printed
The note gives one sentence of reasoning for each dissent. These are the Bank's own English sentences, word for word.
"Asada Toichiro dissented, considering that, with the rate of increase in the CPI (all items less fresh food) being below 2 percent recently, it could not necessarily be said that the economic situation was strong, and it was therefore desirable for the Bank to maintain the guideline for money market operations."
The note does not say which price figure Asada had in mind, and it gives no further argument.
"Sato Ayano dissented, considering that current economic and price developments did not appear to have substantially accelerated compared to before, and in this context, it was not appropriate for the Bank to raise the policy interest rate at this time."
The note does not say compared with which period, and it does not say what timing Sato would consider appropriate.
Item 5: the statement's own sentence on future policy
Item 5 is where the statement speaks about the future conduct of monetary policy. These are the document's words, not ours:
"As for the future conduct of monetary policy, given that underlying CPI inflation has been approaching 2 percent and financial conditions have been accommodative, the Bank will continue to raise the policy interest rate and adjust the degree of monetary accommodation, in response to developments in economic activity and prices as well as financial conditions."
The Japanese sentence ends with と考えている: the Bank "considers that" it will. The next sentence says it will consider the timing and pace of adjustment. It prints no date and no size for any further change.
The attachment: a second note
The attachment, on the economy and prices, has its own note. Two members listed as voting for the rate decision opposed the description of the outlook for prices. In the Bank's English: Takata Hajime, "considering that the level of the rate of increase in the CPI, including underlying CPI inflation, already had generally reached the price stability target"; Tamura Naoki, "considering that underlying CPI inflation already had been at a level that was generally consistent with the price stability target."
What this statement does not say
- It does not print the previous level of the call rate guideline, or of the other rates. So the size of the change is not in this document.
- It does not give the date of the next meeting.
- It puts no date and no number on any later change.
It does list two later publications from the same meeting: a Summary of Opinions, scheduled for October 1, and the minutes, scheduled for November 5.
What it does say is this. The Policy Board set the guideline for the uncollateralized overnight call rate at around 1.25%, by 7 votes to 2. Asada Toichiro and Sato Ayano voted against, and the note gives one sentence of reasoning for each. It applies from September 24, 2026. And the statement says, in its own words, that the Bank will continue to raise the policy interest rate, with the timing and pace to be considered. We add nothing to it.
Source
Bank of Japan — 金融市場調節方針の変更について, September 18, 2026: https://www.boj.or.jp/mopo/mpmdeci/mpr_2026/k260918a.pdf
The Bank's own English version of the same statement, used here for names and standard terms: https://www.boj.or.jp/en/mopo/mpmdeci/mpr_2026/k260918a.pdf
Rates and the vote are as printed. This is a reading of a public document. It is not investment advice and makes no recommendation to buy or sell any security or currency.