Central banksJPYHigh

BoJ keeps its 1.25% guideline, with one vote for 1.5%

The Bank of Japan's Policy Board kept its call-rate guideline at around 1.25% on 30 October 2026, by an 8–1 vote, and set the ETF sales pace at about 860 billion yen a year from January 2027.

By FTC Editorial TeamPublished 1 min read

The Bank of Japan's Policy Board kept its guideline for the uncollateralised overnight call rate at around 1.25% on 30 October 2026. The vote was 8–1. Takata Hajime dissented and proposed a guideline of around 1.5% instead (BoJ statement on monetary policy, 30 October 2026).

BoJ keeps its 1.25% guideline, with one vote for 1.5% — central bank rate path diagram
A central bank's policy rate path across recent meetings

Key figures

  • Call-rate guideline: around 1.25%, kept
  • Vote: 8 in favour, 1 against
  • Dissent: Takata Hajime, for around 1.5%
  • ETF sales: about 860 billion yen a year on a book-value basis from January 2027, up from about 330 billion yen
BoJ keeps its 1.25% guideline, with one vote for 1.5% — risk-reward diagram
A risk-reward ratio of 1 to 2

The ETF change

The bank also changed the pace at which it sells its ETF holdings. From January 2027 it will sell at a scale of about 0.1% of the trading value in the market, which the statement puts at about 860 billion yen a year on a book-value basis. The bank began these sales in January 2026 and says they have run smoothly. The pace of sales of Japan real estate investment trusts stays at about 5 billion yen a year.

BoJ keeps its 1.25% guideline, with one vote for 1.5% — candlestick anatomy diagram
The parts of a candlestick: wick, body, open and close

Reading it

The statement shows that one member wanted to step up the pace of bringing the policy rate closer to neutral, and the other eight did not. The rate was raised to 1.25% in September (the BoJ's September increase). For the yen's recent moves and the bank's approach to intervention, see the BoJ intervention dilemma.

Sources

  1. Bank of Japan: Statement on Monetary Policy, 30 October 2026

Common questions

What did the Bank of Japan decide on 30 October 2026?

It kept its guideline for the uncollateralised overnight call rate at around 1.25%, by an 8–1 vote, and raised the pace of its ETF sales from January 2027.

Who dissented at the October 2026 meeting?

Takata Hajime, who proposed a guideline of around 1.5%. The statement says that proposal was defeated by a majority vote.

This article is for information only and is not financial advice. Trading forex and CFDs carries a high risk of losing money. Read the risk warning. Spotted an error? Tell the editors.

Comments

Log in to join the discussion. Comments follow the community guidelines.

Log in to comment

Loading comments…