In recent internal discussions, the Bank of Japan has significantly increased the emphasis on the indicator "real interest rates being relatively low." According to the original minutes and speeches from the committee meetings, this judgment framework is gradually becoming an important reference for future policy adjustments—though currently it remains at the signaling stage, without a clear timetable or specific commitment to rate hikes.

This change reflects a subtle shift in the central bank's policy thinking. In simple terms, they are paying attention not only to the surface interest rate figures but also to the "real" borrowing costs after stripping out inflation factors. When real interest rates continue to decline, the central bank might consider taking action—but at this stage, it remains mainly about observation and discussion.

On the market side, such policy signals typically influence expectations about the pace of future monetary policy. Although there are no immediate actions, based on the logical flow of the committee members' statements, preparations for an upward cycle have already begun. Investors should closely monitor subsequent meeting minutes and speeches to better capture the clearer policy direction.