The Bank of Japan maintained its key short-term interest rate at -0.1% and that for 10-year bond yields around 0% during its July meeting, by an 8-1 vote; but cut its 2022 GDP growth forecast to 2.4% from 2.9% made in April, citing a slowdown in overseas economies and persistent supply chain issues due to the prolonged war in Ukraine. For the FY 2023 and 2024, however, the committee revised slightly higher its GDP outlook to 2.0% from an earlier projection of 1.9%; and to 1.3% from 1.1%. In a quarterly outlook report, the board raised its 2022 inflation forecast to 2.3% from 1.9%, amid surging prices of energy, food, and durable goods. The BoJ reiterated that it will not hesitate to take extra easing measures if needed, a sign that it will remain an outlier among a global wave of central banks tightening policy. The central bank also mentioned that it would continue to buy unlimited amounts of the bonds to defend an implicit 0.25% cap every market day, as it has been doing since April. source: Bank of Japan

Interest Rate in Japan averaged 2.35 percent from 1972 until 2022, 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 2022.

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 2023, according to our econometric models.

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Japan Interest Rate



Calendar GMT Actual Previous Consensus TEForecast
2022-04-28 03:00 AM BoJ Interest Rate Decision -0.1% -0.1% -0.1% -0.1%
2022-06-17 03:00 AM BoJ Interest Rate Decision -0.1% -0.1% -0.1% -0.1%
2022-07-21 03:00 AM BoJ Interest Rate Decision -0.1% -0.1% -0.1% -0.1%
2022-09-22 03:00 AM BoJ Interest Rate Decision -0.1%
2022-09-27 11:50 PM BoJ Monetary Policy Meeting Minutes
2022-10-02 11:50 PM BoJ Summary of Opinions


Related Last Previous Unit Reference
Interest Rate -0.10 -0.10 percent Jul 2022
Money Supply M1 1027513.80 1028265.70 JPY Billion Jun 2022
Money Supply M0 113804.00 114010.10 JPY Billion Jun 2022
Money Supply M2 1208179.40 1204864.40 JPY Billion Jun 2022
Money Supply M3 1555654.00 1550181.20 JPY Billion Jun 2022
Central Bank Balance Sheet 725357.30 732730.60 JPY Billion Jul 2022
Loans to Private Sector 508864.70 506387.90 JPY Billion Jun 2022
Deposit Interest Rate -0.18 -0.18 percent Aug 2022
Loan Growth 1.80 1.20 percent Jul 2022

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
-0.10 -0.10 9.00 -0.10 1972 - 2022 percent Daily

News Stream
BoJ Policymakers See Chance of US Recession Risk
It is necessary for the Bank of Japan to pay attention to risks that could affect the domestic economy amid monetary tightening in Europe and the US, including that of the US economy falling into recession and that of global financial markets experiencing a negative shock, a summary of opinions at BoJ's July meeting showed. "Risks to Japan's economic outlook are skewed to the downside, particularly regarding a resurgence of COVID-19 at home and abroad, prolonged supply-side constraints, and falling asset prices reflecting monetary tightening in major economies," a board member was quoted as saying in the summary. The BoJ at the meeting kept monetary policy ultra-loose but cut its 2022 GDP growth forecast to 2.4% from 2.9%, citing a slowdown in overseas economies and persistent supply chain issues due to the prolonged war in Ukraine. On prices, the yoy rate of change in the CPI is likely to increase by 2.3% this year, due to surging prices of energy, food, and durable goods.
2022-07-29
Japan Holds Rates, Cuts GDP Outlook
The Bank of Japan maintained its key short-term interest rate at -0.1% and that for 10-year bond yields around 0% during its July meeting, by an 8-1 vote; but cut its 2022 GDP growth forecast to 2.4% from 2.9% made in April, citing a slowdown in overseas economies and persistent supply chain issues due to the prolonged war in Ukraine. For the FY 2023 and 2024, however, the committee revised slightly higher its GDP outlook to 2.0% from an earlier projection of 1.9%; and to 1.3% from 1.1%. In a quarterly outlook report, the board raised its 2022 inflation forecast to 2.3% from 1.9%, amid surging prices of energy, food, and durable goods. The BoJ reiterated that it will not hesitate to take extra easing measures if needed, a sign that it will remain an outlier among a global wave of central banks tightening policy. The central bank also mentioned that it would continue to buy unlimited amounts of the bonds to defend an implicit 0.25% cap every market day, as it has been doing since April.
2022-07-21
Japan Holds Rates, Watches Closely Yen Moves
The Bank of Japan left its key short-term interest rate unchanged at -0.1% and that for 10-year bond yields around 0% during its June meeting, by an 8-1 vote, as widely expected. The board said it would offer to buy unlimited amounts of the bonds to defend an implicit 0.25% cap every market day, repeating the guidance it made in April. Policymakers viewed that Japan's economy has picked up, despite some weakness due to the impact of COVID-19 and surging commodity prices. Private consumption has recovered, particularly in the service sector; while exports and industrial output have continued to grow. On the price front, the yoy rate of change in the CPI (all items less fresh food) is to be at around 2%. The BoJ reiterated it will not hesitate to take extra easing measures if needed and expected short-and long-term rates to stay at their present or lower levels. Regarding the weak yen, the committee said it must closely watch the impact exchange-rate moves could have on the economy.
2022-06-17