Monetary Policy Analysis

Japan's call rate held at 0.977%, while the monetary base fell 15.7% year on year. Analysis of the yen, CGPI, and core CPI at 1.8%.

Japan's August monetary base was ¥543.0tn, down 15.7% YoY. The call rate rose to 0.977% as quantitative contraction and rate normalization advanced together.

The BOJ's July 2026 monetary base fell 13.8% y/y to ¥554.9 trillion, while the overnight call rate rose to 0.978%.

The unsecured call rate rose to 0.978% in July 2026, while the monetary base fell 13.8% year on year. We analyze the two-tier price structure.

BOJ raised the call rate to 0.841% in June. With an accelerating contraction in the monetary base, this analyzes the divergence between slowing core CPI and falling core‑core CPI.

BOJ's June monetary base was ¥559.2 trillion, down 2.9% month-on-month and -13.7% year-on-year; call rate rose to 0.841%.

CGPI surge and re-acceleration of core inflation signal structural inflationary pressure; call rate unchanged while upstream pass-through and improving corporate sentiment point to continued normalization.

BOJ's May monetary base was ¥575.8tr (-1.2% m/m, -12.2% y/y). Call rate 0.727%. Quantitative tightening continues as corporate sentiment improves.

With the call rate held at 0.727%, USD/JPY moved to 159.3 and CGPI jumped 3.3 points while CPI slowed to 1.5%. Structural contradictions and policy dilemmas analyzed.

With the call rate on hold, core CPI slowed to 1.6% while USD/JPY reached 158.6; MB YoY -11.6% and CGPI rose—implications for policy analyzed.

BOJ's March monetary base was ¥570.8 trillion, down 1.7% MoM and 11.6% YoY. Call rate steady at 0.728%. Flash analysis of tightening and market/firm responses.

With call rate at 0.728%, core CPI slowed to 2.0% while the monetary base fell -9.5% YoY; a multi-channel analysis of transmission and structural implications.