The Bank of Japan left its key short-term interest rate unchanged at -0.1% and kept the target for the 10-year Japanese government bond yield at around 0% during its July meeting by an 8-1 vote, as widely expected. In a quarterly outlook report, the central bank slashed its projected rates of the GDP for the current FY to 3.8% from earlier forecasts of 4% made in April, amid the impact of COVID-19. The board, however, maintained its view the economy was headed for a moderate recovery, revising up its growth forecast for next FY to 2.7% from 2.4% as vaccinations accelerate. Meantime, the board revised sharply higher consumer inflation forecast for the current FY to 0.6% from earlier predictions of 0.1%, due to higher energy prices. Policymakers also released an outline of its new scheme aimed at boosting funding for activities against climate change, which will offer banks long-term loans at zero interest. The climate scheme will be launched this year and last until FY 2030. source: Bank of Japan

Interest Rate in Japan averaged 2.40 percent from 1972 until 2021, 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 2021.

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 2022 and 0.10 percent in 2023, 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 - 2021 percent Daily


Calendar GMT Actual Previous Consensus TEForecast
2021-03-19 03:00 AM BoJ Interest Rate Decision -0.1% -0.1% -0.1% -0.1%
2021-04-27 03:00 AM BoJ Interest Rate Decision -0.1% -0.1% -0.1% -0.1%
2021-06-18 03:00 AM BoJ Interest Rate Decision -0.1% -0.1% -0.1% -0.1%
2021-07-16 03:00 AM BoJ Interest Rate Decision -0.1% -0.1% -0.1% -0.1%
2021-09-22 03:00 AM BoJ Interest Rate Decision -0.1% -0.1%
2021-09-27 11:50 PM BoJ Monetary Policy Meeting Minutes
2021-09-30 11:50 PM BoJ Summary of Opinions
2021-10-28 03:00 AM BoJ Quarterly Outlook Report


News Stream
Japan Holds Rates, Cuts 2021 GDP Forecast
The Bank of Japan left its key short-term interest rate unchanged at -0.1% and kept the target for the 10-year Japanese government bond yield at around 0% during its July meeting, as widely expected, by an 8-1 vote. In a quarterly outlook report, the central bank slashed its projected rates of the GDP for the current FY to 3.8% from earlier forecasts of 4% made in April, amid the impact of COVID-19. The board, however, maintained its view the economy was headed for a moderate recovery, revising up its growth forecast for next FY to 2.7% from 2.4% as vaccinations accelerate. Meantime, the board revised sharply higher consumer inflation forecast for the current FY to 0.6% from earlier predictions of 0.1%, due to higher energy prices. Policymakers also released an outline of its new scheme aimed at boosting funding for activities against climate change, which will offer banks long-term loans at zero interest. The climate scheme will be launched this year and last until FY 2030.
2021-07-16
Japan Holds Rates, Extends Pandemic-Relief Scheme
The Bank of Japan left its key short-term interest rate unchanged at -0.1% and maintained the target for the 10-year Japanese government bond yield at around 0% during its June meeting by a 7-1 vote. The central bank also extended by six months the September deadline for its pandemic-relief programme. At the same time, policymakers said they will launch a new scheme to provide funds to financial institutions that invest or extend loans in relation with climate change issues. The BoJ mentioned that Japan's economy has picked up as a trend, although it has remained in a severe situation due to the pandemic. On the price front, the yoy rate of change in the CPI has been at around 0% recently due to a rise in oil prices, while inflation expectations have been more or less unchanged.
2021-06-18
Japan Economy Recovers Slowly: BoJ Suzuki
Japan's economy is likely to recover, although the level of economic activity, mainly in the face-to-face services sector, is expected to be lower than that prior to the pandemic for the time being, Bank of Japan Monetary policy Board member Hitoshi Suzuki said in a speech. "With the impact of COVID-19 waning gradually and the economy being supported by an increase in external demand, accommodative financial conditions, and the government's economic measures, a virtuous cycle from income to spending is expected to operate," he added. Regarding efforts to achieve the price stability target of 2% by continuing effective and sustainable monetary easing, Suzuki mentioned that it was necessary to assess minutely not only the positive effects of the policy on economic activity and prices but also its side effects on the functioning of financial intermediation and financial markets that accumulate over time.
2021-05-26
BoJ Holds Rates, Revises Down 2021 Inflation Outlook
The Bank of Japan left its key short-term interest rate unchanged at -0.1% and maintained the target for the 10-year Japanese government bond yield at around 0% during its April meeting, as widely expected. In a quarterly outlook report, the central bank slashed its consumer inflation forecast for the current fiscal year to 0.1% from earlier predictions made in January of 0.5%, amid downward pressure on service spending. Policymakers also warned of lingering risks to the economic outlook as the COVID-19 pandemic continues to hurt consumption. Meantime, the projected rates of rise in the GDP for the current fiscal year were little changed (4% vs 3.9% made in January). The central bank reaffirmed it would not hesitate to take additional easing measures if necessary. In 2020, the BoJ eased monetary policy twice, mostly by expanding asset-buying and creating a new facility to deliver funds via financial institutions to companies hit by a coronavirus.
2021-04-27

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.