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%.

Interest Rate in Japan averaged 2.70 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 August 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
2020-04-27 04:00 AM BoJ Interest Rate Decision -0.1% -0.1% -0.1% -0.1%
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%
2020-09-23 11:50 PM BoJ Monetary Policy Meeting Minutes
2020-09-28 11:50 PM BoJ Summary of Opinions
2020-10-29 03:00 AM BoJ Quarterly Outlook Report


News Stream
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
BoJ Holds Rates, Injects $1 Trillion Via Lending Facilities
The Bank of Japan kept its key short-term interest rate at -0.1 percent and maintained long-term borrowing costs around zero during its June meeting, but increased the size of its lending packages for cash-strapped firms to $1 trillion from about $700 billion announced last month aimed at mitigating the negative impact of the pandemic. The central bank made no major changes to a range of programs it has launched to deliver money via financial institutions into companies faced with plunging sales due to the pandemic. Policymakers maintained the optimistic outlook for the economy, saying activity is expected to resume gradually supported by accommodative financial conditions and the government's economic measures, but said the central bank stands ready to ease policy again if needed.
2020-06-16
Japan Cash Balance Hits New High
The balance of monetary base, or the amount of cash in circulation and deposits at the Bank of Japan, increased 2.7 percent from the previous month to JPY 543.4 trillion at the end of May 2020, a record high for the second consecutive month. The central bank has been injecting cash into the banking sector to boost lending to businesses and consumers hit by the coronavirus pandemic. The Bank of Japan left its short-term interest rate unchanged at -0.1% during an emergency meeting on May 22nd, but launched a new lending program worth JPY 30 trillion to support the economy.
2020-06-02
BoJ Holds Rates, Offers More Lending
The Bank of Japan left its short-term interest rate unchanged at -0.1% during an emergency meeting on May 22nd. Policymakers also maintained to buy ETFs and J-REITs so that their amounts outstanding will rise at an annual pace of JPY 12 trillion and about JPY 180 billion, respectively, but launched a new lending program worth JPY 30 trillion ($279 billion) to support small businesses struggling with the fallout from the COVID-19 pandemic. Under the new program, which will remain in place through the end of March 2021, the BOJ provides 0% loans to commercial banks that extend interest-free lending to clients under the government's virus relief package. These banks will be given 0.1% interest on their current account deposits at the BOJ in proportion to the amounts of interest-free loans they receive from the central bank.
2020-05-22

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.