The Bank of Japan kept its short-term policy rate unchanged at 0.75% at its April 2026 meeting, leaving borrowing costs at their highest level since September 1995. The widely expected decision passed by a 6–3 vote, amid uncertainty over the Iran conflict and surging energy prices. Board members Hajime Takata, Naoki Tamura, and Junko Nakagawa dissented, calling for a hike to 1.0%. In its quarterly outlook, the central bank raised its FY2026 core inflation outlook to 2.8% from 1.9%, citing higher crude oil prices that likely push up energy and goods costs. At the same time, policymakers trimmed the FY2026 growth forecast to 0.5% from 1.0%, reflecting softer domestic momentum. Still, the overall economy is expected to expand moderately, underpinned by government support measures, accommodative financial conditions, and resilient corporate profits. The FY2025 GDP projection was slightly lifted to 1.0% from 0.9%, backed by last year’s trade deal with Washington. 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 May 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
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 Interest Rate Decision 0.75% 0.75% 0.75% 0.75%
2026-05-11 11:50 PM BoJ Summary of Opinions
2026-06-16 03:00 AM BoJ Interest Rate Decision 0.75% 1.0%
2026-06-23 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 0.33 0.32 percent Apr 2026
Interest Rate 0.75 0.75 percent Apr 2026
Bank Lending YoY 4.80 4.50 percent Mar 2026
Loans to Private Sector 587705.30 584343.20 JPY Billion Mar 2026
Monetary Base 5745753.00 5773190.00 JPY Billion Apr 2026
Monetary Base YoY -11.30 -11.60 percent Apr 2026
Money Supply M0 110975.60 111292.00 JPY Billion Mar 2026
Money Supply M1 1089818.10 1086810.50 JPY Billion Mar 2026
Money Supply M2 1280082.70 1274735.20 JPY Billion Mar 2026
Money Supply M3 1625478.50 1621987.80 JPY Billion Mar 2026
Purchases of Government Bonds 2569.90 2744.00 JPY Billion Apr 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 Flags Energy-Driven Inflation Risk in March Minutes
Many Bank of Japan board members saw a need for further rate hikes should the Iran war-driven energy shock persist and fuel broader inflation pressures, minutes from the March meeting showed. While policymakers agreed temporary supply disruptions from Middle East tensions could be overlooked, they cautioned that a prolonged rise in energy costs risked second-round effects on expectations and underlying prices. One member urged raising rates “without long intervals,” while another pressed for tightening “without hesitation” if the economy avoided major damage. The BoJ left its short-term policy rate unchanged at 0.75% at the March 18–19 meeting, the first after U.S.–Israeli strikes on Iran. At its April gathering, the central bank again held steady, though a more hawkish divide underscored growing concern over mounting inflationary pressures from higher fuel costs and lingering price gains.
2026-05-07
BoJ Holds Rates, Raises Inflation Forecast
The Bank of Japan kept its short-term policy rate unchanged at 0.75% at its April 2026 meeting, leaving borrowing costs at their highest level since September 1995. The widely expected decision passed by a 6–3 vote, amid uncertainty over the Iran conflict and surging energy prices. Board members Hajime Takata, Naoki Tamura, and Junko Nakagawa dissented, calling for a hike to 1.0%. In its quarterly outlook, the central bank raised its FY2026 core inflation outlook to 2.8% from 1.9%, citing higher crude oil prices that likely push up energy and goods costs. At the same time, policymakers trimmed the FY2026 growth forecast to 0.5% from 1.0%, reflecting softer domestic momentum. Still, the overall economy is expected to expand moderately, underpinned by government support measures, accommodative financial conditions, and resilient corporate profits. The FY2025 GDP projection was slightly lifted to 1.0% from 0.9%, backed by last year’s trade deal with Washington.
2026-04-28
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