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 final meeting of the year, by an 8-1 vote. At the same time, policymakers decided to taper their corporate debt buying to pre-pandemic levels while extending emergency pandemic funding by six months until the end of September 2022, amid efforts to support the financing of small and medium-sized firms. The BoJ noted that Japan's economy has picked up, despite remaining in a severe situation due to the impact of COVID-19. Exports and industrial output continued to grow, amid supply-side issues; while private spending bounced back gradually, with downward pressure on services consumption waning. Meantime, the yoy rate in the CPI is likely to rise in the short run, due to rising energy costs. The board reiterated it will not hesitate to take extra easing measures if necessary while expecting short-and long-term rates to stay at their present or lower levels. source: Bank of Japan

Interest Rate in Japan averaged 2.38 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 January 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 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
2021-09-22 03:00 AM BoJ Interest Rate Decision -0.1% -0.1% -0.1%
2021-10-28 03:00 AM BoJ Interest Rate Decision -0.1% -0.1% -0.1% -0.1%
2021-12-17 03:00 AM BoJ Interest Rate Decision -0.1% -0.1% -0.1% -0.1%
2022-01-12 01:00 AM BoJ Gov Kuroda Speech
2022-01-18 03:00 AM BoJ Quarterly Outlook Report
2022-01-18 03:00 AM BoJ Interest Rate Decision -0.1% -0.1%


Related Last Previous Unit Reference
Interest Rate -0.10 -0.10 percent Dec/21
Money Supply M1 987027.60 981487.70 JPY Billion Nov/21
Money Supply M0 112081.20 111685.10 JPY Billion Nov/21
Money Supply M2 1175801.90 1170724.20 JPY Billion Nov/21
Money Supply M3 1528676.40 1525682.80 JPY Billion Nov/21
Central Bank Balance Sheet 723765.90 728218.60 JPY Billion Dec/21
Loans to Private Sector 500885.60 501525.10 JPY Billion Nov/21
Deposit Interest Rate -0.13 -0.15 percent Jan/22
Loan Growth 0.60 0.90 percent Nov/21

News Stream
Japan Economic Recovery to be Evident in 2022
Japan's economic recovery is expected to become evident next year, as downward pressure stemming from the impact of COVID-19 and supply-side constraints are likely to wane and the government's new economic measures are projected to have positive effects, Bank of Japan (BOJ) Governor Haruhiko Kuroda said in a speech. "From a macroeconomic perspective, the coming year provides an opportunity to take large strides toward the post-pandemic era," he added. Regarding the yen's depreciation, Kuroda noted it generally pushes up Japan's economic activity. However, he acknowledged that a weak yen might have an increasingly negative impact on household income through price rises and on domestic retailers by pushing up import costs.
2021-12-23
Japan Holds Rates, Tapers Corporate Debt Buying
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 final meeting of the year, by an 8-1 vote. At the same time, policymakers decided to taper their corporate debt buying to pre-pandemic levels while extending emergency pandemic funding by six months until the end of September 2022, amid efforts to support the financing of small and medium-sized firms. The BoJ noted that Japan's economy has picked up, despite remaining in a severe situation due to the impact of COVID-19. Exports and industrial output continued to grow, amid supply-side issues; while private spending bounced back gradually, with downward pressure on services consumption waning. Meantime, the yoy rate in the CPI is likely to rise in the short run, due to rising energy costs. The board reiterated it will not hesitate to take extra easing measures if necessary while expecting short-and long-term rates to stay at their present or lower levels.
2021-12-17
BoJ Will Further Improve Policy Framework
The Bank of Japan will continue to deliberate whether there is room for more improvement in its conduct of monetary policy by carefully weighing the positive effects and side effects of monetary easing, board member Hitoshi Suzuki said in a speech. He added that it is necessary for policymakers to continue to pay attention to the possibility that credit costs will increase due to a delay in economic recovery from the pandemic at home and abroad. "Also, downward pressure on financial institutions' core profitability is likely to persist as a trend even after COVID-19 subsides, reflecting the prolonged low-interest-rate environment and structural factors." Regarding the outlook for Japan's economy, Suzuki noted that, for the time being, there will likely remain downward pressure stemming from vigilance against coronavirus on services consumption and the effects of supply-side constraints on exports and production.
2021-12-02

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.