Monetary Policy Meeting Schedule
BOJ Monetary Policy Meeting schedule, decision timing, and communication framework
When Does the BOJ Make Policy Decisions?
Unlike some central banks that meet monthly, the Bank of Japan holds eight Monetary Policy Meetings (MPM) per year. These meetings follow a predictable schedule, typically occurring every 6-7 weeks.
For market participants, understanding this schedule is critical. JGB yields, the yen exchange rate, and equity markets often move sharply around MPM dates as traders position for potential policy changes.
2025 Meeting Schedule
| Meeting # | Meeting Dates | Outlook Report? |
|---|---|---|
| 1 | January 23-24 (Thurs-Fri) | ✅ Yes |
| 2 | March 18-19 (Tues-Wed) | ❌ No |
| 3 | April 30 - May 1 (Wed-Thurs) | ✅ Yes |
| 4 | June 16-17 (Mon-Tues) | ❌ No |
| 5 | July 30-31 (Wed-Thurs) | ✅ Yes |
| 6 | September 18-19 (Thurs-Fri) | ❌ No |
| 7 | October 29-30 (Wed-Thurs) | ✅ Yes |
| 8 | December 18-19 (Thurs-Fri) | ❌ No |
Note: Four meetings per year (roughly quarterly) include the release of the Outlook for Economic Activity and Prices (commonly called the "Outlook Report"), which contains the BOJ's updated forecasts for GDP growth, inflation, and the policy path.
Meeting Format and Timeline
Each MPM follows a structured two-day format:
Day 1 (Morning to Evening)
- Policy Board members arrive and begin deliberations
- Staff presentations on economic conditions, market developments, and policy options
- Initial discussion among the nine Policy Board members
Day 2 (Morning)
- Final deliberations and voting on policy proposals
- Preparation of policy statement and press materials
Day 2 (Around Noon) — The Decision
- 11:45-13:00 JST (02:45-04:00 UTC): Policy decision announced
- Statement on Monetary Policy released simultaneously to all market participants
- If it’s an Outlook Report meeting, “The Bank’s View” summary is also released
Day 2 (Afternoon) — The Press Conference
- 15:30 JST (06:30 UTC): BOJ Governor press conference begins
- Lasts approximately 60 minutes
- Governor explains the decision, answers questions from journalists
- Markets often react more to the press conference than the written statement, as the Governor’s tone and answers provide forward guidance
Next Business Day (For Outlook Report Meetings)
- 14:00 JST: Full Outlook Report released with detailed forecasts and charts
~10 Days After Meeting
- 08:50 JST: “Summary of Opinions” released
- Short document summarizing the views expressed by Policy Board members during deliberations
- Does not identify which member said what (anonymized)
1-2 Months After Meeting
- 08:50 JST: Full meeting minutes released
- Detailed record of discussions, including named attribution of comments by Policy Board members
Why This Timing Matters
The BOJ's communication schedule is designed to provide transparency while managing market expectations:
-
Immediate announcement (Day 2 noon): Prevents information leaks and ensures all market participants receive the decision simultaneously.
-
Same-day press conference (Day 2 afternoon): Allows the Governor to clarify the decision, provide context, and signal future policy direction. Press conference remarks often move markets more than the written statement.
-
Staggered release of details: Summary of Opinions (10 days) and minutes (1-2 months) provide progressively more detail about internal debates, helping markets understand the Policy Board’s thinking without causing immediate volatility.
The Policy Board
Monetary policy decisions are made by the BOJ's Policy Board, which consists of nine members:
- 1 Governor (currently Kazuo Ueda)
- 2 Deputy Governors
- 6 Policy Board Members (審議委員)
Decisions are made by majority vote. In practice, most decisions are unanimous or near-unanimous, but dissents do occur—especially during major policy shifts.
📊 Market Impact: The "Live" Meetings
Not all MPM meetings are created equal. Market participants distinguish between:
"Live" Meetings: The four meetings with Outlook Reports (January, April, July, October). These meetings are considered "live" because:
- The BOJ updates its economic and inflation forecasts
- Significant policy changes are more likely (though not guaranteed)
- The Governor's press conference is longer and more detailed
"Interim" Meetings: The four meetings without Outlook Reports. These meetings typically maintain the status quo unless urgent circumstances require action.
Historical precedent: Major policy shifts (like the March 2024 exit from negative rates and YCC) have occurred at Outlook Report meetings, reinforcing the market's focus on these "live" meetings.
Trading implications: Options implied volatility and JGB trading volumes spike around Outlook Report meetings, as traders position for potential surprises.
Where to Find the Information
The BOJ publishes all materials on its official website:
- Meeting schedule: https://www.boj.or.jp/en/mopo/mpmsche_minu/index.htm
- Policy statements: Released immediately after decisions on the BOJ website
- Press conference transcripts: Published within a few days after the press conference
- Outlook Report: https://www.boj.or.jp/en/mopo/outlook/index.htm
Market data providers (Bloomberg, Reuters, etc.) also provide real-time alerts for BOJ announcements and stream the Governor's press conference with simultaneous English translation.
References
- Bank of Japan. "Monetary Policy Meetings." Available at: https://www.boj.or.jp/en/mopo/mpmsche_minu/index.htm.
- Bank of Japan. "Outlook for Economic Activity and Prices." Available at: https://www.boj.or.jp/en/mopo/outlook/index.htm.
- Bank of Japan. "Scheduled Dates of Monetary Policy Meetings in 2025." (July 31, 2024). Available at: https://www.boj.or.jp/en/mopo/mpmsche_minu/m_ref/mref240731a.pdf.