BOJ likely to keep rates steady at Jan 23-24 policy meeting pending Trump & Xi's economic priorities

Based on recent communications from the Bank of Japan (BOJ), polls suggest a 60% chance that the BOJ will hold rates steady at 0.25% again at the upcoming policy meeting on Jan. 23 (Thurs.) and 24 (Fri.) 2025.

This would enable the BOJ governor Kazuo Ueda to further assess the impact of incoming US President Trump's trade policies on Japan. The BOJ is also interested in the outcome of Japan's spring wage negotiations and China's fiscal and monetary policies for 2025, largely determined by Chinese President Xi Jinping's priorities to revive growth in China.

Fiscal policy involves government spending and taxation decisions made by the government to influence the economy, while monetary policy refers to the management of the money supply and interest rates by a central bank, like the Federal Reserve, PBOC and BOJ, to achieve economic goals. Both policies aim to stabilize and stimulate economic growth but operate through different mechanisms.


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