# 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.

- Canonical URL: https://forextradingcommunity.com/news/bank-of-japan-holds-guideline-1-25-percent-october-2026/
- Type: Central banks
- Published: 2026-10-30
- Updated: 2026-10-30
- Publisher: Forex Trading Community (https://forextradingcommunity.com), FTC Editorial Team
- Currencies: JPY

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](https://www.boj.or.jp/en/mopo/mpmdeci/mpr_2026/k261030a.pdf)).

## 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

## 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.

## 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](/news/bank-of-japan-raises-rate-1-25-percent-september-2026/)). For the yen's recent moves and the bank's approach to intervention, see [the BoJ intervention dilemma](/news/boj-september-2026-intervention-dilemma/).

## Sources

- [Bank of Japan: Statement on Monetary Policy, 30 October 2026](https://www.boj.or.jp/en/mopo/mpmdeci/mpr_2026/k261030a.pdf)

## 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.

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