Nova Scotia Department of Finance
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January 23, 2026
BANK OF JAPAN MONETARY POLICY
The Bank of Japan's Policy Board decided to keep the uncollateralized overnight call rate at 0.75%.
Japan's economy is recovering, but faces some challenges due to US tariffs impacting exports and industrial production. The Bank predicts GDP growth of 0.8-1.0% in 2026 and 2027. The labor market is expected to tighten as economic conditions improve and wages rise across industries. Despite tariffs, corporate profits remain strong, with manufacturing under pressure. CPI inflation is projected to fall below 2.0% in the first half of 2026, stabilizing at 1.9-2.2% in 2026 and 2027.
The Bank of Japan will continue raising interest rates and adjusting monetary policy. They will monitor economic activity, prices, and financial conditions to achieve price stability (2%).
The next monetary policy statement will be released on March 19, 2026.
Sources: Bank of Japan, Statement on Monetary Policy (https://www.boj.or.jp/en/mopo/mpmdeci/mpr_2026/k260123a.pdf); Outlook for Economic Activity and Prices (January 2026) (https://www.boj.or.jp/en/mopo/outlook/gor2601a.pdf)
(https://novascotia.ca/finance/statistics/archive.asp?dg=&df=&dto=0&dti=3)
