Economic and event calendar in Asia Wednesday, December 24, 2025: BoJ minutes (preview)

BOJ Minutes Release and Market Reaction

The minutes from the Bank of Japan's (BOJ) October meeting are set to be released today, but they are expected to have limited impact on the markets. These minutes predate the December rate hike, and therefore do not provide new guidance. The October meeting was seen as a placeholder, with monetary policy largely unchanged. In December, the BOJ raised rates by 25 basis points, marking a clear step away from years of ultra-easy monetary policy. This shift is indicative of a growing confidence in the inflation outlook and has raised expectations about future policy normalization. However, following the rate hike, the yen initially weakened as investors were concerned about the extent and pace of normalization. Subsequent comments from currency officials led to a reassessment of short-yen positions, which helped support the yen. The current focus in the market is shifting towards future policy developments, wage dynamics, and the consistency of official communication rather than historical deliberations. Thus, today's minutes are likely to be seen more as retrospective context rather than a source of fresh signals, with any market reaction expected to be limited and short-lived. Participants in the market appear to have muted expectations for the minutes and are instead focused on future guidance.