Overview
- The Bank of Japan’s Summary of Opinions from the Jan. 22–23 meeting judges the economy has regained moderate momentum, with uneven strength across sectors.
- Policymakers expect consumer prices to keep rising at a moderate pace, with a weaker yen lifting import costs and wage–price interactions contributing to pressures.
- Board members indicated further rate increases would be appropriate over time if the outlook holds, with no preset pace and decisions contingent on incoming data.
- Financial conditions are still viewed as broadly accommodative despite December’s rate hike to the highest level in decades.
- Volatility in long and super‑long Japanese government bond yields was flagged as a risk requiring close monitoring, and government representatives urged coordination with fiscal policy.