Report published October 1, 2026

Japan: BOJ Summary of Opinions from September MPM – Goldman Sachs Macro Research

Goldman Sachs · October 1, 2026

The BOJ's September MPM Summary of Opinions showed board members favoring earlier rate hikes as underlying inflation approaches 2%, without reiterating the Governor's cautionary remarks regarding bank lending or asset price adjustments. Goldman Sachs maintains its forecast for the next BOJ rate hike in January 2027.

Read the full report

Read the remaining 4 pages

View Report Sign in

Finvaulta summarizes Goldman Sachs's analysis. Attribute opinions, forecasts, time-sensitive values, and chronology to the issuer and report date; do not treat this page as an independent verification or a current market-data source.

Key Takeaways

1.The BOJ's September MPM Summary of Opinions revealed broad support for earlier rate hikes as underlying inflation approaches 2%, aligning with the Governor's press conference.
2.Board members did not express concerns regarding higher rates causing adjustments in bank lending and asset prices, presenting a slightly more hawkish stance than the Governor.
3.Goldman Sachs maintains its base-case forecast for the next policy rate hike in January 2027, seeing low probability of rate hikes in October or December 2026.

MAIN POINTS

Report data

Key figures extracted from this report

Metric	Estimate	Context
BOJ Policy Interest Rate	1.25%	BOJ raised the policy interest rate at its September MPM.
BOJ Underlying Inflation Target / Benchmark	2%	Premise on which comments favored an earlier rate hike than before.

Source: Bank of Japan. This is a dated model snapshot, not a live forecast.