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 March of 2026.

The benchmark interest rate in Japan was last recorded at 0.75 percent. Interest Rate in Japan is expected to be 0.75 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%
2026-03-29 11:50 PM BoJ Summary of Opinions
2026-04-28 03:00 AM BoJ Quarterly Outlook Report
2026-04-28 03:00 AM BoJ Interest Rate Decision 0.75%


Related Last Previous Unit Reference
Central Bank Balance Sheet 683770.50 682868.00 JPY Billion Feb 2026
Deposit Interest Rate 0.30 0.23 percent Feb 2026
Interest Rate 0.75 0.75 percent Mar 2026
Bank Lending YoY 4.50 4.40 percent Feb 2026
Loans to Private Sector 584664.40 584265.70 JPY Billion Feb 2026
Monetary Base 5898890.00 5982092.00 JPY Billion Feb 2026
Monetary Base YoY -10.60 -9.50 percent Feb 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 27789.00 2732.10 JPY Billion Feb 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
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
BoJ Hawk Takata Backs Gradual Rate Hikes
Monetary policy in Japan is nearing a long-awaited exit from years of large-scale easing, Bank of Japan board member Hajime Takata said in a speech on Wednesday. He called it a “true dawn” as the central bank gradually shifts gears. Takata noted firms’ behavior has turned more positive, while financial conditions remain accommodative, and deeply negative real interest rates have spurred corporate lending across industries. He argued for further gradual rate hikes, guided by overseas developments and a broad range of domestic data, rather than rushing to a neutral rate. However, he warned that external shocks could push inflation higher than expected. In January, Takata dissented from an 8-1 decision to hold rates at 0.75%, proposing a hike to 1.0%, and noted that concerns over U.S. tariffs have since eased.
2026-02-26
IMF Urges Japan to Hike Rates, Avoid Tax Cuts
The International Monetary Fund on Wednesday called on Japan to continue raising interest rates and refrain from loosening fiscal policy, adding that cutting the consumption tax would “erode fiscal space and add to fiscal risks.” The advice comes after Prime Minister Sanae Takaichi’s landslide win and her pledge to suspend the 8% food tax for two years, raising concerns about potential pressure on monetary policy. The global lender also stressed the Bank of Japan’s “continued independence and credibility,” saying it is “appropriately withdrawing monetary accommodation” and that gradual hikes should move rates toward neutral by 2027. The Bank of Japan ended its stimulus in 2024 and lifted rates to 0.75% in December, a 30-year high. With inflation above 2% for nearly four years, the IMF expects two more hikes this year and another in 2027. It also welcomed Japan’s commitment to a flexible exchange rate, saying it would help absorb external shocks and maintain price stability.
2026-02-18