Bank of Japan : Minutes of the Monetary Policy Meeting on July 14 and 15, 2020

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

Japan Standard Time on Thursday,

September 24, 2020.

September 24, 2020

Bank of Japan

Minutes of the

Monetary Policy Meeting

on July 14 and 15, 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 Tuesday, July 14, 2020, from 2:00 p.m. to 3:31 p.m., and on Wednesday, July 15, from 9:00 a.m. to 11:50 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 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. TOYAMA Kiyohiko, State Minister of Finance, Ministry of Finance2

Mr. KANDA Masato, Deputy Vice-Minister for Policy Planning and Coordination, Ministry of Finance3

Mr. MIYASHITA Ichiro, State Minister of Cabinet Office, Cabinet Office2 Mr. TAWA Hiroshi, Vice-Minister for Policy Coordination, Cabinet Office3

Reporting Staff

Mr. ETOH Kimihiro, Executive Director

Mr. UCHIDA Shinichi, Executive Director (Assistant Governor)

Mr. KATO Takeshi, 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 September 16 and 17, 2020, 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. Messrs. Toyama and Miyashita were present on July 15.
3. Messrs. Kanda and Tawa were present on July 14.

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Mr. SHIMIZU Seiichi, Director-General, Financial Markets Department

Mr. KAMIYAMA Kazushige, 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. MATSUSHITA Ken, Director-General, Secretariat of the Policy Board

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

Mr. YAMASHIRO Yoshimichi, Director, Deputy Head of Planning and Coordination Division, Secretariat of the Policy Board

Mr. HIGASHI Masato, Senior Economist, Monetary Affairs Department Mr. NAGAE Shinichiro, Senior Economist, Monetary Affairs Department Mr. INABA Hiroki, Senior Economist, Monetary Affairs Department

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