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# Bank of Japan Holds Rate at 0.75% as Three Board Members Push for 1.00% Hike
- URL: https://www.theglobalbanker.com/bank-of-japan-holds-rate-0-75-three-members-dissent-hike/
- Published: 2026-04-28T13:52:00.000Z
- Updated: 2026-10-24T01:40:38.000Z
- Description: The Bank of Japan kept its policy rate at 0.75% in a 6-3 vote, with three board members calling for an immediate move to 1.00% on inflation risks.
- Author: TGB Editorial Team
- Tags: Central Banks, Asia-Pacific

The Bank of Japan kept its policy rate unchanged at around 0.75% on Tuesday, holding the guideline for the uncollateralised overnight call rate steady as it weighed the impact of higher global energy prices on the domestic inflation outlook. The decision was taken on a 6-3 vote, with three members dissenting, up from one at both the January and March meetings.

Governor Kazuo Ueda voted with the majority to maintain the current stance. Three members - Junko Nakagawa, Hajime Takata and Naoki Tamura - dissented, each proposing that the guideline be raised to around 1.00% at this meeting. In its statement the Bank said the dissenters considered risks to prices to be skewed to the upside, citing accommodative financial conditions, the second-round effects of price rises stemming from overseas developments and the need to move the policy rate closer to neutral.

#### A HAWKISH MINORITY GROWS

All three members proposed the same guideline of around 1.0%.

Mr Takata had been the sole dissenter at the January and March meetings, also proposing around 1.0%; Ms Nakagawa and Mr Tamura voted with the majority on both occasions. 

In its Outlook Report the Bank said the rise in crude oil prices reflecting the situation in the Middle East was expected to push up prices, and judged risks to prices to be skewed to the upside, particularly for fiscal 2026\. The Bank said that, with a sense of labour shortage continuing to be strong, the mechanism in which wages and prices rise moderately in interaction with each other was projected to be maintained.

#### GOVERNOR UEDA HOLDS THE LINE

In its Outlook Report the Bank said it was necessary, for the time being, to pay particular attention to the impact of the future course of the situation in the Middle East on financial and foreign exchange markets and on Japan's economic activity and prices.

Mr Takata considered that the price stability target had been more or less achieved and that risks to prices in Japan were already skewed to the upside due to the second-round effects of price rises stemming from overseas developments.

In its quarterly Outlook Report, whose Bank's View section was released alongside the decision, the Bank projected core CPI inflation (all items less fresh food) in the range of 2.5-3.0% in fiscal 2026, significantly higher than in its previous report.