Japan Interest Rates

Last ReleaseJan 23, 2026

Previous0.75

FrequencyDaily

Next ReleaseMar 19, 2026

Time to Release0

Units In%

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.

Latest Updates

The International Monetary Fund on Wednesday called on Japan to continue raising interest rates and refrain from loosening fiscal policy, adding that cutting the consumption tax would “erode fiscal space and add to fiscal risks.” The advice comes after Prime Minister Sanae Takaichi’s landslide win and her pledge to suspend the 8% food tax for two years, raising concerns about potential pressure on monetary policy. The global lender also stressed the Bank of Japan’s “continued independence and credibility,” saying it is “appropriately withdrawing monetary accommodation” and that gradual hikes should move rates toward neutral by 2027. The Bank of Japan ended its stimulus in 2024 and lifted rates to 0.75% in December, a 30-year high. With inflation above 2% for nearly four years, the IMF expects two more hikes this year and another in 2027. It also welcomed Japan’s commitment to a flexible exchange rate, saying it would help absorb external shocks and maintain price stability.

Historical Data

Highest	Lowest	Average	Date Range	Source
9	-0.1	2.22 %	1972-2026	Bank of Japan