# 10月23日（金）日銀10月会合 連続利上げ見送りへ、PHP欠陥｢AIなら数分で標的に｣ サイバー攻撃確認 - Show: ながら日経 - Published: 2026-10-22 - Canonical: https://podc.club/en/episode/1627014612_5dcc520a438b.html - Audio: https://traffic.megaphone.fm/NRBC9760161894.mp3 - Source: Edited from a machine transcript of the first 30 minutes of the episode. Not an official summary. The Bank of Japan is set to hold its policy rate at 1.25% at the October 29–30 Monetary Policy Meeting, having just raised rates at the September meeting, while growing recognition that the underlying inflation rate has effectively reached the 2% target shapes its next steps. A serious vulnerability in the PHP programming language drew fresh alarm after Amazon warned that AI can exploit the flaw in a matter of minutes, with websites at home and abroad briefly going offline as confirmed cyberattacks emerged. Personality Ishii Shiori (石井しおり) closed the episode by reflecting on her first entry into the Shibuya Nodojiman (渋谷のど自慢) singing contest and the lesson it offered about the power of conveying genuine enthusiasm. ## What this episode answers ### What is the Bank of Japan's plan for its policy rate at the October meeting, and what is the reasoning behind it? The BOJ plans to hold the policy rate at 1.25% at the October 29–30 meeting because it raised rates at the September meeting and needs time to assess the impact. Underlying inflation, stripped of temporary factors, is now seen as having effectively reached the 2% target, and the central bank is shifting toward stabilizing inflation at that level while carefully gauging the timing of any further hikes. ### What cybersecurity risks has the PHP vulnerability exposed? Amazon warned that AI can exploit the PHP flaw in under a few minutes, and a U.S. tech company confirmed an actual cyberattack on October 22. Websites across a wide range of industries at home and abroad — including job-listing sites — temporarily went offline as operators scrambled to apply the security patch. ### How large has the inflow into short-term time deposits become? The balance of short-term time deposits with maturities of three months to under six months has reached ¥44 trillion, up 26% over the past year and the highest level in 31 years. Accelerating BOJ rate hikes are driving depositors to shift money into short-term products whose rates rise more quickly. ### How has the price of used condominiums in central Tokyo moved recently? According to September data released October 22 by real-estate research firm Tokyo Kantei, the average asking price for a standard-size used condominium in Tokyo's six central wards stood at ¥177.86 million per 70 square meters, down 1.6% month on month. Prices have now fallen for five consecutive months, with the corrective trend intensifying. ### How has Rengo set its wage-increase demand for the 2027 spring labor negotiations? Rengo announced on October 22 that its wage-increase demand for the 2027 spring labor negotiations will center on 6%, with a floor of 5% or more, a higher target than the 5%-or-more goal set for the 2026 spring round. The union also listed the prior year's lower figure alongside the new target as a nod to companies that would struggle with steeper increases. ## Article ## BOJ October Meeting: Rate Hold at 1.25%, Consecutive Hike Skipped The Bank of Japan is expected to keep its policy rate at the current 1.25% at the October 29–30 Monetary Policy Meeting. Having only just decided on a rate increase at the September meeting, the BOJ is in a phase of assessing how that move is filtering through the economy. There is now a strong probability that the BOJ will signal its view that underlying inflation — measured by stripping out temporary price swings — has effectively reached the 2% target. Going forward, the bank is expected to shift its focus toward stabilizing inflation at 2% rather than pushing it higher, while carefully watching for the right moment to raise rates again. ## PHP Vulnerability: AI Exploits Flaw in Minutes, Sites Go Offline A serious vulnerability discovered in the PHP programming language has rippled across websites in a wide range of industries. On October 22, a U.S. tech company disclosed that it had confirmed an actual cyberattack exploiting the flaw. Amazon.com sounded the alarm, warning that AI can exploit the PHP defect in under a few minutes. On October 22, a broad swath of domestic and international websites briefly suspended operations as their operators rushed to apply security fixes. The risk extends across multiple industries, including job-listing platforms. ## Short-Term Time Deposits: Rush of Funds, Highest Level in 31 Years Money is pouring into time deposits with maturities of just a few months. The balance of deposits with terms of three months to under six months has reached ¥44 trillion, a 26% increase over the past year and the highest level in 31 years. With the BOJ accelerating its rate-hike cycle, the shift of savings into short-term products — whose deposit rates rise more quickly — is becoming unmistakable. ## Central Tokyo Used Condominiums: Fifth Consecutive Monthly Decline September data released on October 22 by real-estate research firm Tokyo Kantei showed that the average asking price for a standard-size used condominium in Tokyo's six central wards was ¥177.86 million per 70 square meters, down 1.6% from the previous month. Prices have now declined for five consecutive months, and the corrective tone is growing more pronounced. ## Other News: Middle East Energy, Rengo Wage Demand In the Strait of Hormuz, the practice of "stealth navigation" — ships turning off their Automatic Identification System (AIS) transponders — has spread from oil tankers to LNG carriers as well. Supply of Middle Eastern energy is gradually recovering, but the reality is that logistics are being maintained only at freight costs far above normal levels. Rengo announced on October 22 that its wage-increase demand for the 2027 spring labor negotiations will center on 6%, with a minimum of 5% or more. While this raises the bar above the 5%-or-more target set for the 2026 spring round, the union listed the lower prior-year figure alongside the new target, signaling consideration for companies that would find further wage increases difficult. ## Ending: Ishii Shiori Takes on the Shibuya Nodojiman Personality Ishii Shiori shared her experience entering the qualifying round of the Shibuya Nodojiman (渋谷のど自慢), a singing contest open to people who live, work, or study in Shibuya Ward. She had applied to the first edition while pregnant but missed the draw; this second edition was her chance at redemption, and she made it in. Having stayed away from karaoke for about a year and a half after giving birth, she spent several weeks in intensive practice before the day arrived. The qualifying round was held at a venue in Harajuku and drew participants ranging from five-year-olds to people in their seventies and eighties. Performers included a man who sang Frank Sinatra's "New York, New York" in tears, another who delivered "Tentomushi no Samba" (テントウムシのサンバ), a man who sang LUNA SEA's "I for You" while visibly moved, and a group spanning three generations of a family who sang and danced to "Paprika" (パプリカ) together. After the qualifying round, Ishii quoted a judge's remark that stood out to her: "The people who look like they're having fun are the ones who leave an impression — it's not about vocal ability but about how joyfully and comfortably the person is singing." She connected this to everyday conversation and business communication, noting that "whether the speaker has charm, confidence, and love for their topic changes everything about how the message comes across — and that emotional dimension is something AI finds very hard to replicate." The Shibuya Nodojiman will hold a total of eight qualifying rounds, with approximately 20 finalists selected from each round of around 20 participants. Results are expected to be announced in mid-December. ## Takeaways - The BOJ will skip a consecutive rate hike at its October 29–30 meeting, holding the policy rate at 1.25% while shifting focus to stabilizing inflation at the 2% target and watching for the right time to tighten further. - A critical PHP vulnerability has drawn a warning from Amazon that AI can exploit it in under a few minutes, with confirmed cyberattacks already causing websites across multiple industries to temporarily shut down. - Short-term time deposit balances have hit a 31-year high of ¥44 trillion, reflecting an accelerating shift by savers toward products that benefit more quickly from BOJ rate hikes.