When are the BoJ Summary of Opinions and how could they affect USD/JPY?
The BoJ Summary of Opinions Preview
The Bank of Japan (BOJ) will publish its report on Sunday at 23:50 GMT. This report includes the BOJ's projection for inflation and economic growth. It is scheduled 8 times per year, about 10 days after the Monetary Policy Statement is released.
How could the BoJ Summary of Opinions affect USD/JPY?
USD/JPY trades flat on the day in the lead up to the BoJ Summary of Opinions. Nonetheless, the possibility that a new Federal Reserve (Fed) Chair to replace Jerome Powell could look to cut rates next year might weigh on the US Dollar (USD) against the Japanese Yen (JPY).
The first upside barrier for the USD/JPY pair is seen at the December 9 high of 156.95. The next resistance level emerges at the December 22 high of 157.70, en route to the November 20 high of 157.89.
To the downside, the December 26 low of 155.96 will offer some comfort to buyers. Extended losses could see a drop to the December 19 low of 155.44. The next contention level is located at the December 17 low of 154.51.
Economic Indicator
BoJ Summary of Opinions
This report includes the BOJ's projection for inflation and economic growth. It is scheduled 8 times per year, about 10 days after the Monetary Policy Statement is released.
Read more.Next release: Sun Dec 28, 2025 23:50
Frequency: Irregular
Consensus: -
Previous: -
Source: Bank of Japan
Bank of Japan FAQs
The Bank of Japan (BoJ) is the Japanese central bank, which sets monetary policy in the country. Its mandate is to issue banknotes and carry out currency and monetary control to ensure price stability, which means an inflation target of around 2%.
The Bank of Japan embarked in an ultra-loose monetary policy in 2013 in order to stimulate the economy and fuel inflation amid a low-inflationary environment. The bank’s policy is based on Quantitative and Qualitative Easing (QQE), or printing notes to buy assets such as government or corporate bonds to provide liquidity. In 2016, the bank doubled down on its strategy and further loosened policy by first introducing negative interest rates and then directly controlling the yield of its 10-year government bonds. In March 2024, the BoJ lifted interest rates, effectively retreating from the ultra-loose monetary policy stance.
The Bank’s massive stimulus caused the Yen to depreciate against its main currency peers. This process exacerbated in 2022 and 2023 due to an increasing policy divergence between the Bank of Japan and other main central banks, which opted to increase interest rates sharply to fight decades-high levels of inflation. The BoJ’s policy led to a widening differential with other currencies, dragging down the value of the Yen. This trend partly reversed in 2024, when the BoJ decided to abandon its ultra-loose policy stance.
A weaker Yen and the spike in global energy prices led to an increase in Japanese inflation, which exceeded the BoJ’s 2% target. The prospect of rising salaries in the country – a key element fuelling inflation – also contributed to the move.
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