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

The Bank of Japan left the interest rate unchanged at -0.1 percent at its September 2016 meeting but said it would introduce yield curve control to hasten its fight against deflation. The bank will guard short-term and long-term interest rate and vow an "inflation-overshooting commitment", in which the bank commits itself expanding the monetary base until the year-on-year rate of increase in the observe of consumer price index (CPI) exceeds the prices stability target of 2 percent and stays above the target in a stable manner. Interest Rate in Japan averaged 2.96 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.

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Actual Previous Highest Lowest Dates Unit Frequency
-0.10 -0.10 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 September of 2016.


Calendar GMT Reference Actual Previous Consensus Forecast (i)
2016-06-16 03:00 AM BoJ Interest Rate Decision -0.1% -0.1% -0.1% -0.1%
2016-07-29 03:00 AM BoJ Interest Rate Decision -0.1% -0.1% -0.2% -0.1%
2016-09-21 03:00 AM BoJ Interest Rate Decision -0.1% -0.1% -0.1% -0.1%
2016-09-26 05:35 AM BoJ Gov Kuroda Speech
2016-09-26 11:50 PM BoJ Monetary Policy Meeting Minutes
2016-09-29 06:35 AM BoJ Gov Kuroda Speech

BoJ Switches Monetary Policy Framework


The Bank of Japan left the interest rate unchanged at -0.1 percent at its September 2016 meeting but said it would introduce yield curve control to hasten its fight against deflation.

In a comprehensive assesssment of the developments in economic activity and prices under "Quantitative and Qualitative Monetary Easing (QQE)" and "QQE with a Negative Interest Rate", the bank decided to introduce "QQE with Yield Curve Control". The new policy framework consists of two major components: the first is "yield curve control" in which the bank will control short-term and long-term interest rate; and the second is an "inflation-overshooting committment" in which the bank commits itself expanding the monetary base until the year-on-year rate of increase in the observe of consumer price index (CPI) exceeds the prices stabliity target of 2 percent and stays above the target in a stable manner. Specifically, the bank decided upon the following:

1. Yield curve control 
- The short-term policy interest rate: The bank will apply a negative interest rate of minus 0.1 percent to the Policy-Rate Balances in current accounts held by financials institutions at the bank. 
- The Long-term interest rate: The bank will purchase the Japanese government bonds (JGBs) so that the 10-year JGB yield will remain more or less at the current level (around zero percent). With regard to the amount of JGBs to be purchased, the bank will conduct purchase more or less in line with the current pace -- an annual pace of increase in the amount oustanding of its JBG holdings at about 80 JPY  trillion -- aiming to achieve the target level of  a long-term interest rate specified by the guideline. JGBs with a wide range of maturities will continue to be eligible  for purchase, while the guideline for average remaining maturity of the Bank's JGB purchase will be abolished. 
- New tools of market operations for facilitating yield curve control
* Outright purchase of JGBs with yields designated  by the bank -- this will apply for fixed-rate puchase operations. 
* Fixed-rate funds-supplying operations for a periiod of up to 10 year -- by extending the longest maturity of the operation from 1 year currently. 

2. Guideline for asset purchase. 
The bank will buy exchange-traded funds ETF and Japan real estate investment trust (J-REITs) so that their amount outstanding will incrase at annual pace of 6 JPY trillion yen   and about  90 JPY billion yen respectively.  The Bank will maintain their amount oustanding of CP for 2.2 JPY trillion yen and corporate bonds of  3.2 JPY trillion yen. 

3. Inflation-overshooting committment
The bank will continue with QQE with Yield Curve Control, aiming to achieve the price stability target of 2 percent, as long as it is necessary for maintaining the target in a stable manner. 

Bank of Japan l Rida Husna | rida@tradingeconomics.com
9/21/2016 6:23:31 AM

Japan Money Last Previous Highest Lowest Unit
Interest Rate -0.10 -0.10 9.00 -0.10 percent [+]
Interbank Rate -0.02 -0.02 8.50 -0.05 percent [+]
Money Supply M0 91937.60 91776.00 91937.60 2130.10 JPY Billion [+]
Money Supply M1 666254.70 665999.20 666254.70 3921.00 JPY Billion [+]
Money Supply M2 942006.90 941789.40 942006.90 8404.00 JPY Billion [+]
Money Supply M3 1263372.90 1260445.20 1263372.90 1008505.00 JPY Billion [+]
Central Bank Balance Sheet 452980.20 443084.80 452980.20 4864.50 JPY Billion [+]
Foreign Exchange Reserves 1256053.00 1264750.00 1306668.00 455.00 USD Million [+]
Loans to Private Sector 434545.50 434309.20 536555.80 375948.90 JPY Billion [+]
Deposit Interest Rate 0.40 0.42 5.50 0.04 percent [+]
Foreign Stock Investment -479.00 1.90 1568.80 -1582.50 JPY Billion [+]
Foreign Bond Investment -607.60 -1326.50 2549.70 -3072.50 percent [+]
Loan Growth 2.00 2.10 3.60 -5.00 percent [+]
Private Debt to GDP 243.08 239.76 288.61 230.01 percent [+]




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