The Quiet War in the Boardroom: BOJ’s “Summary of Opinions” and the Tick-Tock of Japan’s Monetary Clock
| Information Point | Detail | | :--- | :--- | | **Central Bank** | Bank of Japan (BOJ) | | **Meeting Date** | September 18–19, 2025 | | **Policy Decision** | **Maintained** the policy rate at 0.5% | | **Key Internal Signal** | **Two** of nine board members **dissented**, arguing for a hike to 0.75% | | **Economic View** | Economy is **“recovering moderately,”** with private consumption showing signs of life | | **Inflation Focus** | Concern over persistent **underlying inflation** and **food costs** (rice, processed foods) | | **Normalization Tool** | Floated **gradually disposing** of ETF and J-REIT holdings (balance sheet tapering) | | **Major Risk Factors** | U.S. tariff policy, global economic slowdown, and FX volatility | --- ## **The Temperature in the BOJ Boardroom is Rising** When the Bank of Japan releases its “Summary of Opinions,” it’s not just a dry document; it’s a peek behind the curtain of a deeply conservative institution, a place where monetary policy moves at ...