The Bank of Japan (BoJ) kept its key short-term interest rate unchanged at -0.1% and that of 10-year bond yields at around 0% in its July meeting by unanimous vote but decided to make its yield curve control policy more flexible amid efforts to improve the sustainability of stimulus policy. The board added the 0.5% ceiling on yield movements was a reference point rather than a rigid limit. Meanwhile, in a quarterly outlook report, the BoJ viewed the economy is likely to recover moderately, supported by pent-up demand. Regarding inflation, the yoy rate of CPI is likely to decelerate, on the waning effects of past rises in import prices. After that, the figures are projected to accelerate again as the output gap improves and as inflation expectations and wage growth rise. The board mentioned it will continue expanding the monetary base until inflation exceeds 2% and stays stably above the target. The committee reiterated it will take extra easing measures if needed. source: Bank of Japan

Interest Rate in Japan averaged 2.31 percent from 1972 until 2023, reaching an all time high of 9.00 percent in December of 1973 and a record low of -0.10 percent in January of 2016. This page provides - Japan Interest Rate - actual values, historical data, forecast, chart, statistics, economic calendar and news. Japan Interest Rate - data, historical chart, forecasts and calendar of releases - was last updated on August of 2023.

Interest Rate in Japan is expected to be -0.10 percent by the end of this quarter, according to Trading Economics global macro models and analysts expectations. In the long-term, the Japan Interest Rate is projected to trend around 0.10 percent in 2024, according to our econometric models.

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Japan Interest Rate



Calendar GMT Reference Actual Previous Consensus TEForecast
2023-04-28 04:00 AM BoJ Interest Rate Decision -0.1% -0.1% -0.1% -0.1%
2023-06-16 03:00 AM BoJ Interest Rate Decision -0.1% -0.1% -0.1% -0.1%
2023-07-28 03:00 AM BoJ Interest Rate Decision -0.1% -0.1% -0.1% -0.1%
2023-09-22 03:00 AM BoJ Interest Rate Decision
2023-10-31 03:00 AM BoJ Interest Rate Decision
2023-10-31 03:00 AM BoJ Quarterly Outlook Report


Related Last Previous Unit Reference
Interest Rate -0.10 -0.10 percent Jul 2023
Money Supply M1 1071007.80 1072017.30 JPY Billion Jul 2023
Money Supply M0 115571.50 115014.00 JPY Billion Jul 2023
Money Supply M2 1238219.50 1239234.10 JPY Billion Jul 2023
Money Supply M3 1587732.70 1586293.20 JPY Billion Jul 2023
Central Bank Balance Sheet 741614.20 732828.50 JPY Billion Jul 2023
Loans to Private Sector 528379.80 526218.50 JPY Billion Jul 2023
Deposit Interest Rate -0.15 -0.15 percent Aug 2023
Loan Growth 2.90 3.10 percent Jul 2023

Japan Interest Rate
In Japan, interest rates are set by the Bank of Japan's Policy Board in its Monetary Policy Meetings. The BoJ's official interest rate is the discount rate. Monetary Policy Meetings produce a guideline for money market operations in inter-meeting periods and this guideline is written in terms of a target for the uncollateralized overnight call rate.
Actual Previous Highest Lowest Dates Unit Frequency
-0.10 -0.10 9.00 -0.10 1972 - 2023 percent Daily

News Stream
BoJ Needs More Data for Policy Tweak: Board Member Tamura
The Bank of Japan may have enough data in Q1 of 2024 to see whether inflation in the nation can sustainably reach its 2% target, board member Naoki Tamura said in a speech. Currently, consumer prices in Japan are already above 2% but the central bank maintains its ultra-low interest rates as it needs more evidence that the intended level can be met in a convincing way. "It's appropriate at this stage to sustain monetary easing, and earnestly scrutinize wage and price developments," Tamura said. "But I'm hoping that around January through March next year, we will have further clarity" on whether Japan can sustainably meet the bank's inflation target through wage and price data available by then."
2023-08-30
Japan Pledges Flexibility in Yield Curve Control
The Bank of Japan (BoJ) kept its key short-term interest rate unchanged at -0.1% and that of 10-year bond yields at around 0% in its July meeting by unanimous vote while deciding to make its yield curve control policy more flexible amid efforts to improve the sustainability of stimulus policy. The board added the 0.5% ceiling on yield movements was a reference point rather than a rigid limit. Meanwhile, in a quarterly outlook report, the BoJ viewed the economy is likely to recover moderately, supported by pent-up demand. Regarding inflation, the yoy rate of CPI is likely to decelerate, on the waning effects of past rises in import prices. After that, the figures are projected to accelerate again as the output gap improves and as inflation expectations and wage growth rise. The board mentioned it will continue expanding the monetary base until inflation exceeds 2% and stays stably above the target. The committee reiterated it will take extra easing measures if needed.
2023-07-28
Too Early for Japan to Tweak Monetary Policy: BoJ Adachi
It was premature for Japan to ease off its ultra-loose monetary policy, as the price outlook remains uncertain amid signs of weakness in overseas economies, Bank of Japan board member Seiji Adachi said in a speech. He pointed out that a downturn in the US economy would significantly impact domestic activity and weigh on prices. "Amid huge uncertainty over the price outlook, there are upside and downside risks. In the long run, however, the downside risks appear to be larger." Adachi mentioned that for now there was no need to adjust the central bank's yield curve control, adding that distortions in market pricing have dissolved.
2023-06-21