---
source: Bank of Japan
url: https://www.boj.or.jp/en/mopo/mpmsche_minu/opinion_2026/opi260319.pdf
document_type: pdf
date_retrieved: 2026-03-30
period: March 2026
parent_publication: Summary of Opinions at the Monetary Policy Meeting
indicators_covered: [Interest Rate, CPI, Inflation, Wages]
---

# Summary of Opinions at the Monetary Policy Meeting on March 18 and 19, 2026

**Released:** March 30, 2026, 8:50 a.m. JST

## I. Opinions on Economic and Financial Developments

### Economic Developments
* Japan's economy has recovered moderately, although some weakness has been seen in part. It is likely to continue growing moderately, supported by government measures and accommodative financial conditions.
* Annual spring labor-management wage negotiations show many large firms have met demands in full; it is highly likely that a wide range of firms will continue to raise wages steadily this year.
* Tension in the Middle East and rising crude oil prices are considered a risk scenario requiring careful monitoring for impacts on markets and the economy.

### Prices
* Underlying CPI inflation is likely to continue rising moderately, consistent with the price stability target in the second half of the projection period.
* Underlying inflation appears still to be below 2 percent, but there is a possibility it will exceed 2 percent depending on the Middle East situation.
* Concern exists that energy prices (LNG linked to crude oil) may rise, pushing up headline CPI.

## II. Opinions on Monetary Policy
* **Current Stance:** The Bank should maintain the current policy interest rate (0.75%) at this meeting due to heightened uncertainties in the Middle East and deteriorated market sentiment.
* **Future Path:** It is appropriate to continue raising the policy interest rate and adjust the degree of monetary accommodation if the outlook is realized.
* **Neutral Rate:** The policy interest rate is still far from the neutral interest rate; falling "behind the curve" would compel rapid tightening.
* **Stagflation Risk:** High crude oil prices could bring about 1970s-type stagflation (economic stagnation with price rises).

## III. Opinions from Government Representatives

### Ministry of Finance
* Concern over surge in energy prices reflecting the Middle East situation as a downside risk. Expects the Bank to conduct policy toward sustainable 2% target achievement.

### Cabinet Office
* Monitoring with utmost vigilance. Government has carried out emergency measures to curb price fluctuations and begun releasing petroleum reserves.

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**Verified Indicators:**
- **Interest Rate:** Policy Board maintained current rate (0.75% noted in search context).
- **Inflation/CPI:** Underlying CPI mentioned as rising toward 2% target.
- **Wages:** Spring negotiations showing steady increases.