Live Live ChartsLive QuotesEconomic Calendar Bank of Japan minutes from the June 15-16 meeting show the board voted 7-1 to raise the policy rate by 0.25 percentage points to around 1.0%, with one member dissenting on growth concerns. The board also voted to halt further tapering of JGB purchases from April 2027. The 7-1 vote margin, with only Asada dissenting on growth concerns, signals a board firmly focused on upside inflation risk despite acknowledging the drag from higher energy costs on activity, a stance likely to reinforce expectations for further tightening. The decision to halt the taper of JGB purchases from April 2027 and hold monthly buying at around 2 trillion yen, over the objection of Tamura who wanted the reduction to continue, points to a board prioritising market stability over further balance sheet normalisation for now.

Repeated references to inflation expectations rising moderately and risks of underlying CPI deviating above the 2% target suggest the board's reaction function remains tilted toward hikes as long as growth avoids a sharp slowdown. The emphasis on rapid pass-through of high crude oil costs into producer and consumer prices, even as the headline CPI reading was temporarily dampened by government energy subsidies, suggests policymakers see current price pressure as more persistent than the official inflation print implies. Minutes of the Monetary Policy Meeting on June 15 and 16, 2026 Bessent had some advice for the BoJ earlier: US Treasury Secretary Bessent waffling on about the yen and BoJ BoJ minutes confirm the board leaned decisively toward further tightening in June, judging inflation risk to outweigh the growth drag from the Middle East conflict. Policy Board vote…