The Bank of Japan’s Summary of Opinions from its 29–30 October meeting, published on 10 November, shows policymakers broadly agreed that the next move is another interest-rate increase. The bank had held its policy rate at 1.25% at that meeting in an 8–1 vote.
Several members said the bank should step up the pace of raising rates toward neutral. One member saw the neutral rate as considerably above 1%. Others pointed to weak consumer spending and the lagged effects of earlier hikes, and some were uncertain how long AI-related demand would last.
Members also backed faster sales of exchange-traded funds that the bank holds. The summary does not name a date for the next hike, but analysts widely expect a move to 1.5% at the 17–18 December meeting.
For the wider backdrop, see our report on Japan’s US trade deal and the household spending figures published the same day.
Sources: InvestingLive, BoJ opinions (10 November 2026); Dow Jones via Morningstar (9 November 2026); Trading Economics, BoJ October summary.
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