The Bank of Japan left its key short-term interest rate unchanged at -0.1% and that for 10-year bond yields around 0% during its June meeting, by an 8-1 vote, as widely expected. The board also said it would offer to buy unlimited amounts of the bonds to defend an implicit 0.25% cap every market day, repeating the guidance on market operations it made in April. Policymakers viewed that Japan's economy has picked up, despite some weakness due to the impact of COVID-19 and surging commodity prices. Private consumption has recovered, particularly in the service sector; while exports and industrial output have continued to grow. On the price front, the yoy rate of change in the CPI (all items less fresh food) is likely to be at around 2%, amid high energy and food prices. On the outlook, high uncertainties persisted, linked to coronavirus at home and abroad as well as the war in Ukraine. The BoJ reiterated that it will not hesitate to take extra easing measures if needed. source: Bank of Japan

Interest Rate in Japan averaged 2.36 percent from 1972 until 2022, 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 July of 2022.

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 2023, according to our econometric models.

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Japan Interest Rate



Calendar GMT Actual Previous Consensus TEForecast
2022-03-18 03:00 AM BoJ Interest Rate Decision -0.1% -0.1% -0.1% -0.1%
2022-04-28 03:00 AM BoJ Interest Rate Decision -0.1% -0.1% -0.1% -0.1%
2022-06-17 03:00 AM BoJ Interest Rate Decision -0.1% -0.1% -0.1% -0.1%
2022-07-21 03:00 AM BoJ Quarterly Outlook Report
2022-07-21 03:00 AM BoJ Interest Rate Decision -0.1%
2022-07-25 11:50 PM BoJ Monetary Policy Meeting Minutes


Related Last Previous Unit Reference
Interest Rate -0.10 -0.10 percent Jun 2022
Money Supply M1 1028265.70 1025196.20 JPY Billion May 2022
Money Supply M0 114010.10 114484.60 JPY Billion May 2022
Money Supply M2 1204864.40 1203488.90 JPY Billion May 2022
Money Supply M3 1550181.20 1550685.10 JPY Billion May 2022
Central Bank Balance Sheet 736491.10 738691.50 JPY Billion May 2022
Loans to Private Sector 506387.90 508305.50 JPY Billion May 2022
Deposit Interest Rate -0.19 -0.25 percent Jun 2022
Loan Growth 0.70 0.90 percent May 2022

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 - 2022 percent Daily

News Stream
Japan Holds Rates, Watches Closely Yen Moves
The Bank of Japan left its key short-term interest rate unchanged at -0.1% and that for 10-year bond yields around 0% during its June meeting, by an 8-1 vote, as widely expected. The board said it would offer to buy unlimited amounts of the bonds to defend an implicit 0.25% cap every market day, repeating the guidance it made in April. Policymakers viewed that Japan's economy has picked up, despite some weakness due to the impact of COVID-19 and surging commodity prices. Private consumption has recovered, particularly in the service sector; while exports and industrial output have continued to grow. On the price front, the yoy rate of change in the CPI (all items less fresh food) is to be at around 2%. The BoJ reiterated it will not hesitate to take extra easing measures if needed and expected short-and long-term rates to stay at their present or lower levels. Regarding the weak yen, the committee said it must closely watch the impact exchange-rate moves could have on the economy.
2022-06-17
Japan Holds Rates, Continues Unlimited Bond Buying
The Bank of Japan left its key short-term interest rate unchanged at -0.1% and that for 10-year bond yields around 0% during its April meeting, by an 8-1 vote, as widely expected. Meantime, the central bank said it will offer to buy unlimited amounts of the bonds to defend an implicit 0.25% cap around its 0% target every market day. In a quarterly outlook report, the BoJ said Japan's economy was projected to grow more slowly, amid headwinds from a resurgence in COVID-19 cases and a rise in commodity prices due to the situation in Ukraine. Policymakers cut the FY 2022 GDP growth forecasts to 2.9% from 3.8% made in January and slashed the FY 2021 GDP growth to 2.1% from 2.8%. For the FY 2023, however, the outlook was revised higher to 1.9% from the previous 1.1%. Meantime, inflation for the FY 2022 was revised upward to 1.9% from 1.1% but that for the FY 2023 and 2024 was projected to ease to 1.1%. The BoJ reiterated that it will not hesitate to take extra easing measures if needed.
2022-04-28
Japan Economy Faces Downward Pressures
A rise in commodity and food prices and mounting geopolitical risks due to Russia's invasion of Ukraine may put strong downward pressure on the Japanese economy, the Bank of Japan summary of opinions showed. In the wake of sanctions imposed on Moscow, activities of Japanese firms that have made investment in the country have been constrained, it added. On prices, it is possible that the yoy rate of change in the CPI will rise in positive territory from April, staying around 2% in H1 2022, amid soaring energy cost. From H2, attention needs to be paid to downside risks brought about by to possible declines in commodity prices. Meantime, the underlying inflation is projected to increase as the output gap improves and inflation expectations rise. Regarding monetary stance, members noted it was important for the BoJ to continue its accommodative approach to support the recovery, as Japan was not in a situation where the inflation rate will exceed the price stability target of 2%.
2022-03-29