Bank of Japan : Minutes of the Monetary Policy Meeting on January 20 and 21, 2021

Not to be released until 8:50 a.m. Japan Standard Time on Wednesday, March 24, 2021.

March 24, 2021

Bank of Japan

Minutes of the Monetary Policy Meeting on January 20 and 21, 2021

(English translation prepared by the Bank's staff based on the Japanese original)Please contact the Bank of Japan at the address below in advance to request permission when reproducing or copying the content of this document for commercial purposes.

Secretariat of the Policy Board, Bank of Japan

P.O. Box 30, Nihonbashi, Tokyo 103-8660, Japan

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A Monetary Policy Meeting of the Bank of Japan Policy Board was held in the Head Office of the Bank of Japan in Tokyo on Wednesday, January 20, 2021, from 2:00 p.m. to 3:27 p.m., and on Thursday, January 21, from 9:00 a.m. to 11:31 a.m.1

Policy Board Members Present

Mr. KURODA Haruhiko, Chairman, Governor of the Bank of Japan Mr. AMAMIYA Masayoshi, Deputy Governor of the Bank of Japan2 Mr. WAKATABE Masazumi, Deputy Governor of the Bank of Japan Mr. SAKURAI Makoto

Ms. MASAI Takako Mr. SUZUKI Hitoshi Mr. KATAOKA Goushi Mr. ADACHI Seiji

Mr. NAKAMURA Toyoaki

Government Representatives Present

Mr. SHINKAWA Hirotsugu, Deputy Vice-Minister for Policy Planning and Coordination, Ministry of Finance

Mr. AKAZAWA Ryosei, State Minister of Cabinet Office, Cabinet Office3 Mr. TAWA Hiroshi, Vice-Minister for Policy Coordination, Cabinet Office4

Reporting Staff

Mr. UCHIDA Shinichi, Executive Director

Ms. SHIMIZU Tokiko, Executive Director (Assistant Governor)

1 The minutes of this meeting were approved by the Policy Board at the Monetary Policy Meeting held on March 18 and 19, 2021, as "a document describing an outline of the discussion at the meeting" stipulated in Article 20, paragraph 1 of the Bank of Japan Act of 1997. Those present are referred to by their titles at the time of the meeting.

2 Mr. Amamiya was present only on January 20. For the meeting on January 21, when he was absent, Mr. Amamiya submitted via the chairman his written opinion, in accordance with Article 5, paragraph 2 of the Rules concerning Policy Board Meetings.

• 3 Mr. Akazawa was present on January 21.

• 4 Mr. Tawa was present on January 20.

Mr. KAIZUKA Masaaki, Executive Director

Mr. SHIMIZU Seiichi, Director-General, Monetary Affairs Department

Mr. FUKUDA Eiji, Deputy Director-General, Monetary Affairs Department5

Mr. IIJIMA Kota, Head of Policy Planning Division, Monetary Affairs Department Mr. OTANI Akira, Director-General, Financial Markets Department

Mr. KAMEDA Seisaku, Director-General, Research and Statistics Department

Mr. KAWAMOTO Takuji, Head of Economic Research Division, Research and Statistics Department

Mr. FUKUMOTO Tomoyuki, Director-General, International Department

Secretariat of the Monetary Policy Meeting

Mr. NAKAJIMA Takeshi, Director-General, Secretariat of the Policy Board

Mr. HONDA Hisashi, Director, Deputy Head of Planning and Coordination Division, Secretariat of the Policy Board

Mr. YANO Masayasu, Head of Policy Infrastructure Division, Monetary Affairs

Department5

Mr. ICHISE Yoshitaka, Senior Economist, Monetary Affairs Department

Mr. NAGAE Shinichiro, Senior Economist, Monetary Affairs Department Mr. KADOGAWA Yoichi, Senior Economist, Monetary Affairs Department

5 Messrs. Fukuda and Yano were present on January 20 from 2:38 p.m. to 3:27 p.m.