The Bank of Japan kept its key short-term interest rate at -0.1% and maintained the target for the 10-year Japanese government bond yield at around 0% during its September meeting, by an 8-1 vote. The decision came hours after the US Federal Reserve pledged to hold interest rates near zero until at least 2023. Japanese policymakers slightly upgraded their views on the economy, saying it remains in a severe state but has started to recover as business activity gradually resumes. In July, the central bank said the economy was in "extremely severe state." Meantime, the yoy CPI (all items less fresh food) is likely to be negative for the time being, mainly affected by COVID-19 and the past drop in oil prices. Thereafter, it is expected to turn positive and rise gradually, as downward pressure is projected to wane gradually. On Wednesday, Yoshihide Suga was elected as Japan's new prime minister, replacing Shinzo Abe that abruptly resigned last month due to poor health.

Interest Rate in Japan averaged 2.44 percent from 1972 until 2020, reaching an all time high of 9 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 October of 2020. source: Bank of Japan

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. Looking forward, we estimate Interest Rate in Japan to stand at -0.10 in 12 months time. In the long-term, the Japan Interest Rate is projected to trend around -0.10 percent in 2021 and 0.10 percent in 2022, according to our econometric models.

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Japan Interest Rate

Actual Previous Highest Lowest Dates Unit Frequency
-0.10 -0.10 9.00 -0.10 1972 - 2020 percent Daily


Calendar GMT Actual Previous Consensus TEForecast
2020-05-22 03:00 AM BoJ Interest Rate Decision -0.1% -0.1% -0.1%
2020-06-16 02:45 AM BoJ Interest Rate Decision -0.1% -0.1% -0.1%
2020-07-15 03:00 AM BoJ Interest Rate Decision -0.1% -0.1% -0.1% -0.1%
2020-09-17 03:00 AM BoJ Interest Rate Decision -0.1% -0.1% -0.1% -0.1%
2020-10-29 03:00 AM BoJ Quarterly Outlook Report
2020-10-29 03:00 AM BoJ Interest Rate Decision -0.1% -0.1%
2020-11-03 11:50 PM BoJ Monetary Policy Meeting Minutes
2020-11-08 11:50 PM BoJ Summary of Opinions


News Stream
Swift Action Needed if Virus Delays Recovery: BoJ Sakurai
Bank of Japan must take swift and appropriate action if the COVID-19 shock delays the country’s economic recovery, the central bank board member Makoto Sakurai said in a speech. If the pandemic takes longer than expected to contain, more companies could be pushed under, threatening Japan’s financial system, he added. “At present, financial institutions have sufficient capital so there is no big concern over Japan’s banking system. But we need to be prepared to take swift action, with a close eye both on the economy and the banking system,” he said. The remarks came ahead of the BOJ’s rate review next week. Regarding inflation, Sakurai said it may not accelerate much for some time, as companies cope with a tight labor market with automation rather than wage hikes. The BoJ needs to ensure inflation expectations do not fall too much, as firms and households will put off spending if they expect prices to fall for a prolonged period, he noted.
2020-10-21
Japan's Economy to Continue Recover: BoJ's Kuroda
The Japanese economy is starting to pick up and is likely to continue recovering partly due to continued fiscal and monetary stimulus, Bank of Japan Governor Haruhiko Kuroda said in a speech. "Once the impact of the COVID-19 pandemic subsides globally, Japan's economy is likely to continue improving further as overseas economies resume steady growth," he added. The governor noted that Japan's banking system remains stable, amid tight corporate funding conditions. "We'll monitor the impact of the pandemic and won't hesitate taking additional easing measures as needed."
2020-10-08
BoJ Offers Slightly More Upbeat View of Economy
The Bank of Japan kept its key short-term interest rate at -0.1% and maintained the target for the 10-year Japanese government bond yield at around 0% during its September meeting, by an 8-1 vote. The decision came hours after the US Federal Reserve pledged to hold interest rates near zero until at least 2023. Japanese policymakers slightly upgraded their views on the economy, saying it remains in a severe state but has started to recover as business activity gradually resumes. In July, the central bank said the economy was in "extremely severe state." Meantime, the yoy CPI (all items less fresh food) is likely to be negative for the time being, mainly affected by COVID-19 and the past drop in oil prices. Thereafter, it is expected to turn positive and rise gradually, as downward pressure is projected to wane gradually. On Wednesday, Yoshihide Suga was elected as Japan's new prime minister, replacing Shinzo Abe that abruptly resigned last month due to poor health.
2020-09-17
Japan Holds Rates, Sees No Quick Recovery
The Bank of Japan kept its key short-term interest rate at -0.1% and maintained the target for the 10-year Japanese government bond yield at around 0% during its July meeting, by an 8-1 vote. Meantime, in a quarterly outlook report, the central bank said that Japan's economy is likely to improve gradually from the second half of this year, with the pace is expected to be only moderate while the impact of COVID-19 remains worldwide. Policymakers noted that the outlook for economic activity and prices are extremely unclear, depending on the consequences of the virus and the magnitude of their impacts on domestic and overseas economies. Based on the assumption that a second wave of infections will not occur, the GDP for the 2020 fiscal year is expected to shrink between 4.5% to 5.7%, compared with an earlier forecast of -4.7%. Meantime, the CPI is projected to drop between 0.4% to 0.6%, compared with the previous estimate of -0.5%.
2020-07-15

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.