BoJ Policy Board Vote

The BoJ Policy Board Vote is the published result of Monetary Policy Meetings (MPMs), 2-day sessions where Japan's 9-member board sets policy. Voters are the Governor, 2 Deputy Governors, and 6 Board Members, while attending government officials cannot vote. It is not a survey of firms or households, nor a CPI-like statistic, but decisions targeting 2% price stability since January 2013. Each tally belongs to its item, so read the guideline level with its own vote count.

The Board holds 8 2-day meetings yearly, with extra meetings when needed, and decisions are announced right after each meeting even with no change. The schedule for the next year appears around midyear, and each decision comes with its tally, names, and dissent reasons. Four meetings add the January, April, July, and October Outlook Report, with the view at once and full text at 2:00 p.m. next business day. Summary of Opinions prints on business day 6, and Minutes print 3 business days after next-meeting approval, both at 8:50 a.m.

Each meeting votes separately on 4 policy tools, each with its own tally. The items span rate guidelines, discount, lending, and reserve ratios, asset buying, and the Bank outlook.

• Guideline for market operations: the short-term rate target, set for the uncollateralized overnight call rate.
• Japanese government bond (JGB) purchases: the pace and method of buying.
• Other asset purchases: ETFs, J-REITs, CP, and corporate bonds.
• Loan-facility terms: the rate and duration of central-bank loans for lending, disaster areas, and climate work.

At the March 18-19, 2024 meeting, the Board ended large-scale easing after wages and prices improved, and made the short rate its main tool. It set the overnight target near 0 to 0.1% by 7-2, and kept JGB buying near 6 trillion yen a month by 8-1. It ended ETF and J-REIT buying unanimously, wound down company debt within about 1 year, and held 1-year loan rates at 0.1%. Both dissenters backed ending stock buying but wanted wage proof and a gradual exit, so read each tally on its own.

1. Eligible voters: 9 incumbents vote: the Governor, 2 deputies, and 6 Members.
2. Quorum: at least 2/3 of incumbents attend, including the chair, normally 6 of 9.
3. Decision: a proposal passes with more votes for than against, so 7-2 with 9 present passes.
4. Tie-break: tied votes go to the chair; with 8 present, 4-4 leaves the chair to decide.
5. Reporting: each item prints its tally, such as 7-2 or unanimous, with names and dissent reasons.