BOJ: Summary of the Monetary Policy Meeting Held on January 22-23, 2026
Recent Actions by the Bank
Following the policy direction set at the December 18–19, 2025 meeting, the Bank continued its money market operations as planned. During this period, the uncollateralized overnight call rate remained steady, fluctuating between 0.727% and 0.729%.
In December 2025, the Bank purchased approximately 3.3 trillion yen in Japanese government bonds (JGBs) each month. However, starting in January 2026, the monthly purchase volume was reduced by about 400 billion yen, bringing the total to roughly 2.9 trillion yen per month. This adjustment was made in line with the JGB reduction strategy approved at the June 2025 meeting.
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