Bank of Japan : Minutes of the Monetary Policy Meeting on September 16 and 17, 2020

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

Japan Standard Time on Wednesday,

November 4, 2020.

November 4, 2020

Bank of Japan

Minutes of the

Monetary Policy Meeting

on September 16 and 17, 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 Wednesday, September 16, 2020, from 2:00 p.m. to 3:40 p.m., and on Thursday, September 17, from 9:00 a.m. to 11:44 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. SAKATA Wataru, Deputy Vice-Minister for Policy Planning and Coordination, Ministry of Finance

Mr. TAWA Hiroshi, Vice-Minister for Policy Coordination, Cabinet Office2

Mr. IBARAGI Hideyuki, Deputy Director General for Economic and Fiscal Management, 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

1. The minutes of this meeting were approved by the Policy Board at the Monetary Policy Meeting held on October 28 and 29, 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. Mr. Tawa was present on September 17.
3. Mr. Ibaragi was present on September 16.

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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. HIGASHI Masato, Senior Economist, Monetary Affairs Department Mr. KADOGAWA Yoichi, Senior Economist, Monetary Affairs Department

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