Asia-Pacific

Bank of Japan

Sounds hawkish lately +0.12

Speeches: 811
First speech: Nov 6, 1996
Latest speech: Jun 19, 2026
Tone vs coming rate moves: +0.26; rank correlation

Does the tone run ahead of the rate?

Speech tone over the previous three months, and the policy rate at the end of each month, on the same timeline. Hover over either chart to read the same month in both.

Speech tone

Policy rate

Latest speeches

Each speech's tone is the average over its sentences about policy, prices, rates or the economy. Open a speech to read it in full.

Date	Speech	Tone
Jun 19, 2026	Ryozo Himino: The Bank of Japan's Semiannual Report on Currency and Monetary Control Ryozo Himino	+0.23
Jun 3, 2026	Kazuo Ueda: Economic activity and prices, and monetary policy in Japan Kazuo Ueda	+0.20
May 27, 2026	Kazuo Ueda: Oil price shocks, inflation, and monetary policy in Japan Kazuo Ueda	+0.19
May 21, 2026	Junko Koeda: Economic activity, prices, and monetary policy in Japan Junko Koeda	+0.12
May 16, 2026	Ryozo Himino: Singleness of money and the role of central banks Ryozo Himino	−0.15
May 14, 2026	Kazuyuki Masu: Economic activity, prices, and monetary policy in Japan Kazuyuki Masu	+0.12
Mar 3, 2026	Kazuo Ueda: The new financial ecosystem and the role of central banks Kazuo Ueda	−0.10
Mar 2, 2026	Ryozo Himino: Japan's economy and monetary policy Ryozo Himino	+0.06
Feb 26, 2026	Hajime Takata: Economic activity, prices and monetary policy in Japan Hajime Takata	−0.01
Dec 25, 2025	Kazuo Ueda: Toward the achievement of the price stability target accompanied by wage increases Kazuo Ueda	+0.32
Dec 1, 2025	Kazuo Ueda: Japan's economy and monetary policy Kazuo Ueda	+0.19
Nov 27, 2025	Asahi Noguchi: Economic activity, prices, and monetary policy in Japan Asahi Noguchi	+0.19
Nov 20, 2025	Junko Koeda: Economic activity, prices, and monetary policy in Japan Junko Koeda	+0.14
Nov 10, 2025	Junko Nakagawa: Economic activity, prices, and monetary policy in Japan Junko Nakagawa	+0.25
Oct 21, 2025	Ryozo Himino: Prophets, armed and unarmed - the roles of power and knowledge in international prudential standards Ryozo Himino	−0.66
Oct 20, 2025	Hajime Takata: Economic activity, prices and monetary policy in Japan - Japan as a leading asset management center Hajime Takata	+0.05
Oct 3, 2025	Kazuo Ueda: Japan's economy and monetary policy Kazuo Ueda	+0.11
Sep 29, 2025	Asahi Noguchi: Transformation of the global economy and developments in monetary policy Asahi Noguchi	+0.07
Sep 2, 2025	Ryozo Himino: Japan's economy and monetary policy Ryozo Himino	−0.01
Aug 28, 2025	Junko Nakagawa: Economic activity, prices, and monetary policy in Japan Junko Nakagawa	+0.24
Aug 23, 2025	Kazuo Ueda: Japan's labor market under demographic decline - evolving dynamics and macroeconomic implications Kazuo Ueda	+0.05
Jul 23, 2025	Shinichi Uchida: Japan's economy and monetary policy Shinichi Uchida	+0.06
Jul 3, 2025	Hajime Takata: Economic activity, prices and monetary policy in Japan Hajime Takata	−0.11
Jun 25, 2025	Naoki Tamura: Economic activity, prices and monetary policy in Japan Naoki Tamura	+0.20
Jun 3, 2025	Kazuo Ueda: Economic activity and prices, and monetary policy in Japan Kazuo Ueda	+0.01
May 27, 2025	Kazuo Ueda: Opening remarks - BOJ-IMES conference 2025 Kazuo Ueda	+0.10
May 22, 2025	Asahi Noguchi: Economic activity, prices, and monetary policy in Japan Asahi Noguchi	+0.27
Apr 17, 2025	Kazuo Ueda: The Bank's Semiannual Report on Currency and Monetary Control Kazuo Ueda	+0.18
Apr 17, 2025	Junko Nakagawa: Economic activity, prices, and monetary policy in Japan Junko Nakagawa	+0.25
Mar 5, 2025	Kazuo Ueda: Cross-border capital flows and the role of the IMF and central banks in the evolving international monetary system Kazuo Ueda	−0.06
Mar 5, 2025	Shinichi Uchida: Japan's economy and monetary policy Shinichi Uchida	−0.09
Feb 19, 2025	Hajime Takata: Economic activity, prices and monetary policy in Japan Hajime Takata	+0.10
Feb 6, 2025	Naoki Tamura: Economic activity, prices and monetary policy in Japan Naoki Tamura	+0.08
Jan 30, 2025	Ryozo Himino: An economy with positive interest rates Ryozo Himino	−0.08
Jan 14, 2025	Ryozo Himino: Japan's economy and monetary policy Ryozo Himino	−0.11
Dec 25, 2024	Kazuo Ueda: Achievement of the 2 percent price stability target and Japan's economy Kazuo Ueda	+0.00
Dec 5, 2024	Toyoaki Nakamura: Economic activity, prices, and monetary policy in Japan Toyoaki Nakamura	+0.08
Nov 18, 2024	Kazuo Ueda: Japan's economy and monetary policy Kazuo Ueda	+0.21
Oct 16, 2024	Seiji Adachi: Economic activity, prices, and monetary policy in Japan Seiji Adachi	+0.10
Oct 3, 2024	Asahi Noguchi: Economic activity, prices, and monetary policy in Japan Asahi Noguchi	+0.05
Sep 24, 2024	Kazuo Ueda: Japan's economy and monetary policy Kazuo Ueda	+0.16
Sep 12, 2024	Naoki Tamura: Economic activity, prices and monetary policy in Japan Naoki Tamura	+0.13
Sep 11, 2024	Junko Nakagawa: Economic activity, prices, and monetary policy in Japan Junko Nakagawa	+0.24
Aug 28, 2024	Ryozo Himino: Japan's economy and monetary policy Ryozo Himino	+0.06
Aug 7, 2024	Shinichi Uchida: Japan's economy and monetary policy Shinichi Uchida	+0.06
Jul 3, 2024	Kazuo Ueda: Introduction of a new series of Bank of Japan notes Kazuo Ueda	–
Jun 18, 2024	Kazuo Ueda: The Bank's Semiannual Report on Currency and Monetary Control Kazuo Ueda	+0.17
Jun 6, 2024	Toyoaki Nakamura: Economic activity, prices, and monetary policy in Japan Toyoaki Nakamura	+0.22
May 29, 2024	Seiji Adachi: Economic activity, prices, and monetary policy in Japan Seiji Adachi	+0.12
May 27, 2024	Shinichi Uchida: Price dynamics in Japan over the past 25 years Shinichi Uchida	−0.16
May 27, 2024	Kazuo Ueda: Opening remarks - BOJ-IMES conference 2024 Kazuo Ueda	−0.04
May 8, 2024	Kazuo Ueda: Virtuous cycle between wages and prices and the Bank of Japan's monetary policy Kazuo Ueda	+0.16
Apr 19, 2024	Kazuo Ueda: On the recent changes in the Bank of Japan's Monetary Policy Framework Kazuo Ueda	+0.14
Apr 18, 2024	Asahi Noguchi: Economic activity, prices, and monetary policy in Japan Asahi Noguchi	+0.03
Apr 10, 2024	Kazuo Ueda: The Bank's Semiannual Report on Currency and Monetary Control Kazuo Ueda	+0.04
Mar 27, 2024	Naoki Tamura: Economic activity, prices and monetary policy in Japan Naoki Tamura	−0.01
Mar 7, 2024	Junko Nakagawa: Economic activity, prices, and monetary policy in Japan Junko Nakagawa	+0.12
Mar 6, 2024	Kazuo Ueda: Progress and challenges in the Asia-Pacific financial system Kazuo Ueda	+0.18
Mar 5, 2024	Kazuo Ueda: What to know about central bank digital currency Kazuo Ueda	+0.10
Feb 8, 2024	Shinichi Uchida: Japan's economy and monetary policy Shinichi Uchida	+0.03

Next: Across all central banksHow tone lines up with rate moves at every bank tested, and whether it predicts them.