Bank of Japan maintains overnight call rate at 0.75 percent with 8-1 majority

The Bank of Japan's Policy Board decided by an 8-1 majority vote to maintain its guideline for money market operations.

The uncollateralized overnight call rate will remain at around 0.75 percent.

Governor Ueda Kazuo and Deputy Governors Himino Ryozo and Uchida Shinichi were among the eight members who voted in favor of this action, alongside Noguchi Asahi, Nakagawa Junko, Tamura Naoki, Koeda Junko, and Masu Kazuyuki.

Takata Hajime cast the sole dissenting vote, advocating for a higher uncollateralized overnight call rate of 1.0 percent.

He argued that the price stability target had been largely achieved and that, with overseas economies in a recovery phase, risks to prices in Japan were skewed to the upside.

His proposal was ultimately defeated by a majority vote from the Policy Board members.