Bank of Japan Holds Rates, Closing a Week Where Every Dissent Called for a Hike

The Bank of Japan (BOJ) kept its policy rate at 1.25% on October 30 in an 8–1 vote. Board member Hajime Takata dissented and proposed a hike to 1.5%. Every dissenter at the BOJ and the US Federal Reserve (Fed) this week wanted higher rates. The Bank of Canada (BoC) went further and raised its rate. Why One BOJ Member Wants to Move Faster According to the BOJ statement, Takata argued that underlying inflation has reached the 2% target. In his view, that marks a new phase for policy. The bank should therefore lift rates toward neutral at a faster pace so it can respond nimbly.

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