BOJ Monetary Policy Navigator

BoJ proceeds cautiously towards unwinding of NIRP

  • By Naomi Muguruma (Mitsubishi UFJ Morgan Stanley Securities Co., Ltd.)
  • Feb 05, 2024
  • BOJ
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BoJ proceeds cautiously towards unwinding of NIRP     

Key points
  • Summary of Opinions for January Policy Board meeting contained much talk of "exit" and marked sharp shift of tone from December meeting


  • Exit discussions are clearly under way, and Board members appear to be gradually forming consensus on post-NIRP policy conduct


  • By releasing "Summary" that focuses attention on exit, BoJ may be trying to revive speculation of policy revisions after it faded in mid-December

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