The Bank of Japan left its key short-term rate unchanged at 0.75% at its March 2026 meeting, keeping borrowing costs at their highest since September 1995. The move, announced hours after the U.S. Fed maintained rates steady, reinforced a cautious global stance. Thursday's decision was widely expected and passed by an 8–1 vote, with Hajime Takata dissenting in favor of a hike to 1%. Policymakers held views that Japan’s economy is recovering moderately but warned that escalating Middle East tensions cloud the outlook. The board signaled it will continue raising rates and adjusting monetary support if growth and inflation unfold as projected, noting real rates remain significantly low. Meanwhile, CPI inflation is expected to dip below 2% temporarily before facing renewed upward pressure from rising crude oil prices. Officials stressed the need to closely monitor geopolitical risks, energy markets, and global economic trends given their impact on Japan’s recovery and inflation path. source: Bank of Japan

The benchmark interest rate in Japan was last recorded at 0.75 percent. Interest Rate in Japan averaged 2.21 percent from 1972 until 2026, 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 April of 2026.

The benchmark interest rate in Japan was last recorded at 0.75 percent. Interest Rate in Japan is expected to be 1.00 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 1.00 percent in 2027, according to our econometric models.



Calendar GMT Reference Actual Previous Consensus TEForecast
2025-12-19 03:30 AM BoJ Interest Rate Decision 0.75% 0.5% 0.75% 0.75%
2026-01-23 03:00 AM BoJ Interest Rate Decision 0.75% 0.75% 0.75% 0.75%
2026-03-19 03:00 AM BoJ Interest Rate Decision 0.75% 0.75% 0.75% 0.75%
2026-04-28 03:00 AM BoJ Quarterly Outlook Report
2026-04-28 03:00 AM BoJ Interest Rate Decision 0.75% 0.75%
2026-05-11 11:50 PM BoJ Summary of Opinions


Related Last Previous Unit Reference
Central Bank Balance Sheet 662131.80 683770.50 JPY Billion Mar 2026
Deposit Interest Rate 0.32 0.30 percent Mar 2026
Interest Rate 0.75 0.75 percent Mar 2026
Bank Lending YoY 4.80 4.50 percent Mar 2026
Loans to Private Sector 584664.40 584265.70 JPY Billion Feb 2026
Monetary Base 5773190.00 5898890.00 JPY Billion Mar 2026
Monetary Base YoY -11.60 -10.60 percent Mar 2026
Money Supply M0 111253.00 112291.00 JPY Billion Feb 2026
Money Supply M1 1086194.80 1092471.70 JPY Billion Feb 2026
Money Supply M2 1274923.40 1279057.40 JPY Billion Feb 2026
Money Supply M3 1622094.70 1627228.50 JPY Billion Feb 2026
Purchases of Government Bonds 27440.00 27789.00 JPY Billion Mar 2026


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
0.75 0.75 9.00 -0.10 1972 - 2026 percent Daily

News Stream
Japan Flags Faster Cross-Market Spillovers as Volatility Surges
Japan’s Finance Minister Satsuki Katayama said recent market turmoil has highlighted how quickly interest rates can be influenced by volatility spilling over from other markets, a dynamic she warned is becoming too significant to ignore. Katayama noted that “financial markets have seen an excessive degree of volatility since February 26, far beyond what would normally be warranted,” stressing that such instability can accelerate rate movements more than expected. The minister added that “interest-rate increases transmitted from other markets can materialise much more rapidly than we anticipate,” underscoring the speed of global financial linkages. The issue was widely recognized during a recent meeting with Group of Seven counterparts, Katayama noted, calling for a more “renewed and well-considered” policy response to manage these cross-market spillovers.
2026-04-09
BoJ Eyes Gradual Policy Shift Amid Risks
Further policy rate hikes in Japan remain appropriate as economic activity and prices improve, with monetary accommodation to be reduced gradually if the outlook holds. The Bank of Japan’s March Summary of Opinions noted that despite earlier increases, financial conditions remain loose, and investment pullbacks have largely reflected labor shortages and rising material costs rather than higher rates. Still, uncertainty from the Middle East has weighed on sentiment, prompting the board to keep rates steady at its latest meeting. Future tightening will hinge on wages, inflation, financial conditions, and geopolitical risks. Policymakers will assess whether accommodative conditions persist and how broadly wage gains and “beginning-of-period price hikes” spread. While external risks may lift prices and dampen growth, inflation is expected to trend higher. Policymakers emphasized the need to adjust policy without delay if conditions hold, while avoiding sustained inflation above 2%.
2026-03-30
BoJ Holds Rates Amid Rising Middle East Risks
The Bank of Japan left its key short-term rate unchanged at 0.75% at its March 2026 meeting, keeping borrowing costs at their highest since September 1995. The move, announced hours after the U.S. Fed maintained rates steady, reinforced a cautious global stance. Thursday's decision was widely expected and passed by an 8–1 vote, with Hajime Takata dissenting in favor of a hike to 1%. Policymakers held views that Japan’s economy is recovering moderately but warned that escalating Middle East tensions cloud the outlook. The board signaled it will continue raising rates and adjusting monetary support if growth and inflation unfold as projected, noting real rates remain significantly low. Meanwhile, CPI inflation is expected to dip below 2% temporarily before facing renewed upward pressure from rising crude oil prices. Officials stressed the need to closely monitor geopolitical risks, energy markets, and global economic trends given their impact on Japan’s recovery and inflation path.
2026-03-19