The Bank of Japan left its key short-term interest rate unchanged at -0.1% and kept the target for the 10-year government bond yield at around 0% during its September meeting by an 8-1 vote, as expected. Policymakers, however, offered a bleaker view on exports and factory output, amid supply-chain disruptions mainly for chips and parts from Southeast Asia. Meantime, employment and income remained weak due to the COVID-19. Private consumption stayed stagnant, due to continuing strong downward pressure on consumption of services. On the price front, the yoy rate in the CPI has been around 0%, amid a rise in energy cost and despite a drop in mobile phone charges. Meanwhile, inflation expectations have been more or less unchanged. The BoJ reiterated it will not hesitate to take more easing measures if necessary while expecting short-and-long-term policy rates to remain at their present or lower levels. The central bank also said it will start to roll out climate change loans in December. source: Bank of Japan

Interest Rate in Japan averaged 2.39 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 October 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. 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


Calendar GMT Actual Previous Consensus TEForecast
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% -0.1%
2021-10-28 03:00 AM BoJ Quarterly Outlook Report
2021-10-28 03:00 AM BoJ Interest Rate Decision -0.1% -0.1%
2021-11-01 11:50 PM BoJ Monetary Policy Meeting Minutes
2021-11-07 11:50 PM BoJ Summary of Opinions


News Stream
Japan Consumer Inflation to Turn Positive: BoJ Kuroda
Japan's consumer prices are expected to turn positive amid recent rises in energy costs, Bank of Japan Governor Haruhiko Kuroda said in a speech today. "Japan's economy is expected to recover ahead as the impact of the coronavirus pandemic gradually subsides," he added. The country's consumer prices were unchanged in August, ending a 12-month run of drop, as energy prices offset the impacts of cuts in mobile phone charges.
2021-10-07
Japan Holds Rates, Dims View on Exports and Output
The Bank of Japan left its key short-term interest rate unchanged at -0.1% and kept the target for the 10-year government bond yield at around 0% during its September meeting by an 8-1 vote, as expected. Policymakers, however, offered a bleaker view on exports and factory output, amid supply-chain disruptions mainly for chips and parts from Southeast Asia. Meantime, employment and income remained weak due to the COVID-19. Private consumption stayed stagnant, due to continuing strong downward pressure on consumption of services. On the price front, the yoy rate in the CPI has been around 0%, amid a rise in energy cost and despite a drop in mobile phone charges. Meanwhile, inflation expectations have been more or less unchanged. The BoJ reiterated it will not hesitate to take more easing measures if necessary while expecting short-and-long-term policy rates to remain at their present or lower levels. The central bank also said it will start to roll out climate change loans in December.
2021-09-22
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 Last Unit Reference Previous Highest Lowest
Interest Rate -0.10 percent Sep/21 -0.10 9.00 -0.10
Money Supply M1 977439.70 JPY Billion Sep/21 976120.20 977439.70 3921.00
Money Supply M0 111343.80 JPY Billion Sep/21 111508.50 111508.50 2130.10
Money Supply M2 1169621.40 JPY Billion Sep/21 1169551.20 1169651.80 8404.00
Money Supply M3 1520745.60 JPY Billion Sep/21 1518665.40 1520745.60 1008505.00
Central Bank Balance Sheet 723730.00 JPY Billion Sep/21 726710.20 726710.20 4864.50
Loans to Private Sector 500840.20 JPY Billion Sep/21 500589.10 536555.80 375948.90
Deposit Interest Rate -0.16 percent Oct/21 -0.15 16.25 -1.05
Loan Growth 0.60 percent Sep/21 0.60 6.70 -5.00


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.