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.

Interest Rate in Japan averaged 2.71 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 May 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
2020-01-21 03:00 AM BoJ Interest Rate Decision -0.1% -0.1% -0.1% -0.1%
2020-03-16 05:00 AM BoJ Interest Rate Decision -0.1% -0.1% -0.1% -0.1%
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 03:00 AM BoJ Interest Rate Decision -0.1% -0.1%
2020-06-18 11:50 PM BoJ Monetary Policy Meeting Minutes
2020-06-23 11:50 PM BoJ Summary of Opinions
2020-07-15 03:00 AM BoJ Quarterly Outlook Report


News Stream
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
Japanese Economy in A Severe Situation: BoJ Quarterly Outlook
Japan's economy is likely to remain in a severe situation for the time being due to the impact of the COVID-19 pandemic, the Bank of Japan quarterly outlook report showed. The projected rate of the CPI is expected to be somewhat weak, affected by the virus cases, and a decline in crude oil prices, it added. While the impact of the virus is assumed to wane on a global basis through H2 2020, future developments are extremely unclear as they could change depending on the timing of the spread of the virus subsiding and on the magnitude of the impact on domestic and overseas economies. The GDP is expected to shrink between -0.4 to -0.1% in fiscal 2019 (vs an earlier projection of 0.8 to 0.9%) and by -5 to -3% in fiscal 2020 (vs an earlier projection of 0.8 to 1.1%). The inflation forecast for fiscal 2019 is estimated to average 0.6% (vs an earlier projection of 0.6 to 0.7%), and that for fiscal 2020 is projected to average -0.7 to -0.3% (vs an earlier projection of 1 to 1.1%).
2020-04-27
BoJ Rolls Out More Stimulus as Pandemic Pain Deepens
The Bank of Japan during its April meeting removed a limitation on buying government bonds so that 10-year yields will remain at 0%, and ramped up its purchases of corporate debt to JPY 20 trillion from around JPY 7 trillion, joining global central banks in their unprecedented expansion of monetary stimulus to mitigate the economic fallout from the COVID-19 pandemic. In addition, the central bank determined 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. Meanwhile, policymakers kept its key short-term interest rate unchanged at -0.1%.
2020-04-27
BoJ Rolls Out Measures to Blunt Coronavirus Impact
The Bank of Japan left its key short-term interest rate unchanged at -0.1% in an emergency meeting on 16th March, but increased the annual pace of ETF buying to JPY 12 trillion from JPY 6 trillion and other risky assets to contain the economic fallout from the COVID-19 pandemic. Policymakers also introduced a new operation to provide loans against corporate debt (of about JPY 8 trillion as of end February) as collateral at the interest rate of 0% with maturity up to 1 year. This operation will be conducted until the end of September 2020. The central bank also increased the upper limit to purchase CP and corporate bonds by JPY 2 trillion in total and conduct with the upper limit of their amounts outstanding of about JPY 3.2 trillion and JPY 4.2 trillion respectively. The additional purchase will continue until the end of September. Monday's meeting replaced a regular rate review that was initially scheduled for 18-19 March.
2020-03-16

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.