The interest-rate vote and the asset-sale vote were separate. The new ETF pace starts in January 2027 and is expressed at book value.

What the primary record establishes

On 30 October 2026, the Bank of Japan retained an overnight call-rate guideline of around 1.25% by an 8–1 vote. Bank of Japan — monetary policy statement, 30 October 2026 ↗

It unanimously increased the planned annual ETF sales pace from about ¥330 billion to ¥860 billion at book value, effective January 2027. Bank of Japan — ETF sales pace reference, 30 October 2026 ↗

What the distinction changes

WFN interpretation: the meeting contains two policy decisions with different implementation clocks. A headline saying that everything was unchanged would miss the asset-sale decision; reporting immediate faster sales would miss its start date.

Book value is an accounting measure. Comparing the annual pace directly with a market-value holding or turnover number would mix valuation bases unless the conversion is stated and justified.

What to check before drawing a conclusion

Record the rate vote and the ETF vote separately in a calendar or policy dashboard. Their different voting patterns should not be collapsed into one measure of agreement about the whole meeting.

For a yen assessment, compare each decision with an explicit pre-meeting benchmark and track implementation in later disclosures. The statement supports the announced settings and timing; it does not by itself establish a particular causal explanation for an exchange-rate change.