The Bank of Japan set a guideline for the uncollateralised overnight call rate to remain around 1.25% and approved a faster pace of exchange-traded fund sales in its 30 October monetary-policy statement.
The rate guideline passed by an 8–1 vote. The ETF decision was unanimous and will take effect in January 2027, rather than immediately. The statement specifies the annual disposal pace on a book-value basis.
Rate guideline and disposal timetable
Exact primary source checked at 2026-10-31T09:00:48.171Z. Amounts and periods are as labelled below.
| Measure or condition | Verified observation | Primary evidence |
|---|---|---|
| Rate guideline | Uncollateralised overnight call rate around 1.25% | Bank of Japan |
| Vote on rate guideline | 8–1 | Bank of Japan |
| Current ETF pace described | About ¥330bn per year, book value | Bank of Japan |
| New ETF pace | About ¥860bn per year, book value | Bank of Japan |
| Implementation | January 2027 | Bank of Japan |
| J-REIT sales | About ¥5bn per year book value; unchanged | Bank of Japan |
Book value is not market value
The new ETF pace is approximately 0.1% of market trading value under the Bank's calculation. The statement's reference conversion puts ¥860 billion of annual book-value sales at about ¥2.46 trillion in market value, using the specified market-to-book relationship. Those numbers describe different valuation bases, not two separate programmes.
The Bank says temporary adjustments or suspension can be made within the annual pace in response to financial-market conditions. The announced pace should therefore not be read as an unconditional daily sales schedule.
What the vote does and does not establish
One board member proposed a guideline around 1.5%; that alternative was defeated. It was not the policy adopted by the Board. This report describes the operative target without inferring a hike or hold from a comparison with an earlier statement that is outside this source review.
The interest-rate guideline and ETF disposal plan should also remain distinct. A future increase in asset sales does not itself prove an immediate change in market prices or guarantee a particular exchange-rate response. The next useful checks are implementation disclosures and later policy statements.
Primary source record
Bank of Japan — https://www.boj.or.jp/en/mopo/mpmdeci/mpr_2026/k261030a.pdf; observed 2026-10-31T09:00:48.171Z. This is primary-source checking assisted by AI, not independent human editorial approval.
Additional primary record
Bank of Japan — https://www.boj.or.jp/en/mopo/mpmdeci/mpr_2026/k261030c.pdf; checked 2026-10-31T09:07:00.575Z. Separate official reference sheet accompanying monetary-policy decision; same authority, not independent confirmation.
Recorded source observation: . This is a source-check timestamp, not a market quote or a new article update.