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 January meeting, by a 7-2 vote. At the same time, policymakers revised up their growth projection for the 2019 fiscal year beginning in April to 0.9% from an estimate of 0.7% made in October, supported by fiscal stimulus and easing trade tensions. The central bank also upgraded its growth estimate for fiscal 2021, while price forecasts were held steady, showing inflation will remain under the 2% target at least until early 2022.

Interest Rate in Japan averaged 2.74 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. 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 2020, 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
2019-09-19 02:50 AM BoJ Interest Rate Decision -0.1% -0.1% -0.1% -0.1%
2019-10-31 04:00 AM BoJ Interest Rate Decision -0.1% -0.1% -0.1% -0.1%
2019-12-19 03:00 AM BoJ Interest Rate Decision -0.1% -0.1% -0.1%
2020-01-21 03:00 AM BoJ Interest Rate Decision -0.1% -0.1% -0.1% -0.1%
2020-01-28 11:50 PM BoJ Summary of Opinions

News Stream
BoJ Will Not Hesitate to Ease Further If Needed: Gov Kuroda
Bank of Japan would not hesitate to ease monetary policy further if necessary in order to maintain momentum toward 2 percent inflation target, Governor Haruhiko Kuroda said in a speech. He added that consumer inflation would accelerate toward the target, amid positive output gap and rises in inflation expectations, while it would be affected by falls in oil prices for the time being.

BoJ Holds Rates, Offers Weaker Views on Output
The Bank of Japan held its key short-term interest rate at -0.1 percent during its December meeting, and kept the target for the 10-year Japanese government bond yield at around 0 percent. Policymakers also maintained its upbeat assessment of the economy, despite a consumption tax hike in October, while offered weaker views on exports, production and business sentiment mainly due to the impact of natural disasters and sluggish demand from overseas economies.

Japan Will Pay Closer Attention to Global Risks
The Bank of Japan, at present, considers that downside risks to economic activity and prices, mainly regarding developments in the global economy, require the most attention, the central bank board member Masayoshi Amamiya said in a speech. "If there's a greater possibility that Japan could lose momentum toward achieving our price target, we won't hesitate to take additional easing measures," he added. Amamiya also viewed that private consumption and business spending may slightly weaken amid a slowdown in global economy and after October's sales tax hike.

Japan Must Continue Current Easing: BoJ Harada
The current low interest rates in Japan were caused by deflationary monetary policy in the past and the only way out is to maintain the current accommodative monetary policy in order to achieve sustained expansion of economic activity while wait for prices and interest rates to rise, Bank of Japan board member Yutaka Harada said in a speech. " If the Bank were to raise interest rates now, this would revive the deflationary mindset and consequently further delay increases in prices and interest rates," he added.

BoJ Sakurai Sets High Bar for Additional Easing
Bank of Japan would only consider expanding stimulus if overseas risks triggered a financial crisis, not just a moderate economic slowdown, board member Makoto Sakurai said in a speech. However, the central bank should avoid rushing into action if the hit from slowing global demand is moderate, given the rising cost of prolonged ultra-low interest rates such as the strain they inflict on financial institutions’ profits, he added. “If there’s a crisis that could disrupt Japan’s financial system ... a bold policy response is necessary."

BoJ Holds Rates but Hints at Future Cuts
The Bank of Japan left its key short-term interest rate unchanged at -0.1 percent during its October meeting, while giving a stronger signal it may cut interest rates in the near future to support growth. The decision came in hours after the Federal Reserve lowered rates for the third time this year but signaled a pause in further easing. Policymakers also kept the target for the 10-year Japanese government bond yield at around zero percent.

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.

Japan Money Last Previous Highest Lowest Unit
Interest Rate -0.10 -0.10 9.00 -0.10 percent [+]
Interbank Rate -0.05 -0.05 8.50 -0.12 percent [+]
Money Supply M0 104316.80 102289.40 104316.80 2130.10 JPY Billion [+]
Money Supply M1 818011.80 809149.40 818011.80 3921.00 JPY Billion [+]
Money Supply M2 1041624.50 1038378.20 1041624.50 8404.00 JPY Billion [+]
Money Supply M3 1374470.60 1373254.40 1374470.60 1008505.00 JPY Billion [+]
Foreign Exchange Reserves 1323750.00 1317322.00 1331583.00 455.00 USD Million [+]
Central Bank Balance Sheet 573053.10 578532.20 578532.20 4864.50 JPY Billion [+]
Loans to Private Sector 474137.50 470636.70 536555.80 375948.90 JPY Billion [+]
Deposit Interest Rate -0.16 -0.05 16.25 -0.51 percent [+]
Foreign Stock Investment 263.80 -16.40 1577.40 -2162.40 JPY Billion [+]
Foreign Bond Investment 175.10 2329.70 2549.70 -3072.10 JPY Billion [+]
Private Debt to GDP 221.10 219.00 291.90 217.50 percent [+]
Loan Growth 1.80 2.10 3.60 -5.00 percent [+]