Japan Interest Rate  1972-2016 | Data | Chart | Calendar | Forecast | News

The Bank of Japan kept its pledge to increase the monetary base at an annual pace of about 80 trillion yen at its January 2016 meeting, but said it had adopted a benchmark rate of -0.1 percent. The surprise decision to introduce a negative interest rate while maintaining the current pace of its monetary base was made in a 5 to 4 vote, aiming to achieve price stability target of 2 percent, as long as it is necessary for maintaining that target in a stable manner Interest Rate in Japan averaged 3.01 percent from 1972 until 2016, reaching an all time high of 9 percent in December of 1973 and a record low of -0.10 percent in January of 2016. Interest Rate in Japan is reported by the Bank of Japan.

Japan Interest Rate
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Actual Previous Highest Lowest Dates Unit Frequency
-0.10 0.00 9.00 -0.10 1972 - 2016 percent Daily
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. This page provides - Japan Interest Rate - actual values, historical data, forecast, chart, statistics, economic calendar and news. Japan Interest Rate - actual data, historical chart and calendar of releases - was last updated on February of 2016.


Calendar GMT Reference Actual Previous Consensus Forecast (i)
2015-11-19 03:17 AM BoJ Interest Rate Decision 0% 0% 0% 0%
2015-12-18 04:00 AM BoJ Interest Rate Decision 0% 0% 0%
2016-01-29 03:00 AM BoJ Interest Rate Decision -0.1% 0% 0%
2016-03-15 04:00 AM BoJ Interest Rate Decision -0.1% -0.1%
2016-03-17 11:50 PM BoJ Monetary Policy Meeting Minutes
2016-04-28 03:00 AM BoJ Interest Rate Decision -0.1%

BoJ Sets Negative Interest Rate


The Bank of Japan kept its pledge to increase the monetary base at an annual pace of about 80 trillion yen at its January 2016 meeting, but said it had adopted a benchmark rate of -0.1 percent.

The surprise decision to introduce a negative interest rate while maintaining the current pace of its monetary base was made in a 5 to 4 vote, aiming to achieve price stability target of 2 percent, as long as it is necessary for maintaining that target in a stable manner

Some key points of the policies, as published on the central bank's website:

The BoJ will apply a negative interest rate of minus 0.1 percent to current accounts that financial institutions hold at the bank. It will cut the interest rate further into negative territory if judged as necessary. The move is designed to enable policymakers to pursue additional monetary easing in terms of three dimensions, combining a negative interest rate with quantity and quality.

Based on those policies the bank will lower the short end of the yield curve and will exert further downward pressure on interest rates across the entire yield curve through a combination of a negative interest rate and large-scale purchases of JGBs.

The central bank will achieve the price stability target of 2 percent at the earliest possible time by making full use of possible measures in terms of the three dimensions.

Policymakers will also introduce a multiple-tier system which some central banks in Europe (e.g. the Swiss National Bank) have put in place. Specifically, it will adopt a three-tier system in which the outstanding balance of each financial institution's current account at the Bank will be divided into three tiers, to each of which a positive interest rate, a zero interest rate, or a negative interest rate will be applied, respectively.



Bank of Japan l Rida Husna | rida@tradingeconomics.com
1/29/2016 8:41:15 AM

Japan Money Last Previous Highest Lowest Unit
Interest Rate -0.10 0.00 9.00 -0.10 percent [+]
Interbank Rate 0.04 0.04 8.50 0.04 percent [+]
Money Supply M0 90830.70 88476.70 90830.70 2130.10 JPY Billion [+]
Money Supply M1 630819.50 622400.20 630819.50 3921.00 JPY Billion [+]
Money Supply M2 921095.40 915277.60 921095.40 8404.00 JPY Billion [+]
Money Supply M3 1234977.40 1234395.50 1234977.40 1008505.00 JPY Billion [+]
Central Bank Balance Sheet 383107.60 381254.20 383107.60 4864.50 JPY Billion [+]
Foreign Exchange Reserves 1248107.00 1233214.00 1306668.00 455.00 USD Million [+]
Loans to Private Sector 431959.20 428201.60 536555.80 375948.90 JPY Billion [+]
Deposit Interest Rate 0.42 0.54 5.50 0.04 percent [+]
Foreign Stock Investment -364.10 -190.40 1568.80 -1420.60 JPY Billion [+]
Foreign Bond Investment -85.40 475.30 2178.70 -3072.50 percent [+]
Loan Growth 2.20 2.30 3.65 -4.97 percent [+]




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