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

Monetary policy in Japan is nearing a long-awaited exit from years of large-scale easing, Bank of Japan board member Hajime Takata said in a speech on Wednesday. He called it a “true dawn” as the central bank gradually shifts gears. Takata noted firms’ behavior has turned more positive, while financial conditions remain accommodative, and deeply negative real interest rates have spurred corporate lending across industries. He argued for further gradual rate hikes, guided by overseas developments and a broad range of domestic data, rather than rushing to a neutral rate. However, he warned that external shocks could push inflation higher than expected. In January, Takata dissented from an 8-1 decision to hold rates at 0.75%, proposing a hike to 1.0%, and noted that concerns over U.S. tariffs have since eased.

Historical Data

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