Bank of Japan : Minutes of the Monetary Policy Meeting on December 17 and 18, 2020

Not to be released until 8:50 a.m.

Japan Standard Time on Tuesday,

January 26, 2021.

January 26, 2021

Bank of Japan

Minutes of the

Monetary Policy Meeting

on December 17 and 18, 2020

(English translation prepared by the Bank's staff based on the Japanese original)

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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 Thursday, December 17, 2020, from 2:00 p.m. to 3:59 p.m., and on Friday, December 18, from 9:00 a.m. to 12:06 p.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 Japan 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 Office2 Mr. TAWA Hiroshi, Vice-Minister for Policy Coordination, Cabinet Office3

Reporting Staff

Mr. UCHIDA Shinichi, Executive Director

Ms. SHIMIZU Tokiko, Executive Director (Assistant Governor)

Mr. KAIZUKA Masaaki, Executive Director

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

Mr. IIJIMA Kota, Head of Policy Planning Division, Monetary Affairs Department

1. The minutes of this meeting were approved by the Policy Board at the Monetary Policy Meeting held on January 20 and 21, 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. Akazawa was present on December 18.
3. Mr. Tawa was present on December 17.

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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. FUKUDA Eiji, Deputy Director-General, Monetary Affairs Department4

Mr. YANO Masayasu, Head of Policy Infrastructure Division, Monetary Affairs Department4

Mr. HIGASHI Masato, Senior Economist, Monetary Affairs Department Mr. TSUCHIKAWA Akira, Senior Economist, Monetary Affairs Department

4 Messrs. Fukuda and Yano were present on December 18.

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