Summary of Minutes from the Monetary Policy Meeting (July 31, 2025 Session)

The Bank of Japan has released a summary of opinions from Policy Board members at the Monetary Policy Meeting held on July 31, 2025. The Monetary Policy Meeting serves as the highest decision-making body for Japan's monetary policy direction, where nine Policy Board members make collective judgments on financial market operations policies and policy interest rate levels. These minutes consolidate the opinions expressed by each Policy Board member regarding their current assessment of financial and economic conditions, future outlook, and views on appropriate monetary policy management. Active discussions were held on policy challenges for achieving both sustainable growth and price stability in the Japanese economy, as well as response strategies to changes in domestic and international financial and economic environments. The basic approach to policy management aimed at supporting economic activities through appropriate financial environment development and achieving price targets is presented, with careful consideration of impacts on financial markets and the real economy. This document functions as an important policy resource from the perspective of ensuring monetary policy transparency.