Japan Interest Rate 1972-2015 | Data | Chart | Calendar | Forecast | News

The benchmark interest rate in Japan was last recorded at 0 percent. Interest Rate in Japan averaged 3.10 percent from 1972 until 2014, reaching an all time high of 9 percent in December of 1973 and a record low of 0 percent in February of 1999. Interest Rate in Japan is reported by the Bank of Japan.

      Forecast    
Japan Interest Rate


Actual Previous Highest Lowest Dates Unit Frequency
0.00 0.00 9.00 0.00 1972 - 2015 percent Daily
In Japan, decisions on interest rates are made 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. Content for - Japan Interest Rate - was last refreshed on Wednesday, January 28, 2015.


BoJ Leaves Monetary Policy Unchanged; Cuts Inflation Forecast


The Bank of Japan decided by an 8-1 vote to keep buying enough government bonds to boost monetary base at an annual pace of about 80 trillion yen. Policymakers said the economy continues to recover moderately as a trend while an increase in year-on-year consumer prices is between 0.5 to 1.0 percent, reflecting a decline in energy prices.

The Policy Board also decided by a unanimous vote to extend  a program to spur bank lending by one year and increased the limit of outstanding loans under the program from  ¥ 7 trillion to ¥ 10 trillion, while doubling the maximum amount of funds it can offer to each institution under a separate growth program. 

Excerpt from the statement by the Bank of Japan:

Japan's economy has continued to recover moderately as a trend, and effects such as those of the decline in demand following the front-loaded increase prior to the consumption tax hike have been waning on the whole. Overseas economies -- mainly advanced economies -- have been recovering, albeit with a lackluster performance still seen in part. In this situation, exports have shown signs of picking up. Business fixed investment has  been on a moderate increasing trend as corporate profits have improved. Public investment has more or less leveled off at a high level. Private consumption has remained resilient as a trend with the employment and income situation improving steadily, and the effects of the decline in demand following the front-loaded increase have  been waning on the whole. Housing investment, which continued to decline following the front-loaded increase, has recently started to bottom out. Against the backdrop of these developments in demand both at home and abroad, industrial production has started to bottom out, due in part to the progress in inventory adjustments. Meanwhile, financial conditions are accommodative. On the price front, the year-on-year rate of increase in the consumer price index (CPI, all items less fresh food), excluding the direct effects of the consumption tax hike, is in the range of 0,5- 1.0 percent. Inflation expectations appear to be rising on the whole from a somewhat longer-term perspective.
 
With regard to the outlook, Japan's economy is expected to continue its moderate recovery trend, and the effects such as those of  the decline in demand following the front-loaded increase prior to the consumption tax hike are expected to dissipate. The year-on-year rate of increase in the CPI is likely to slow for the time being, reflecting the decline in energy prices.
 
Compared with the forecasts presented in the October 2014 Outlook for Economic Activity and Prices, the growth rate will likely be lower for fiscal 2014, but will likely be higher for fiscal 2015 and 2016. With regard to the CPI, the outlook for the underlying trend remains unchanged, but the year-on-year rate of increase will likely be lower toward fiscal 2015, due to the significant decline in crude oil prices. The rate of increase for fiscal 2016 will likely be more or less unchanged from the October forecast.
 
Risks to the outlook include developments in the emerging and commodity-exporting economies, the prospects regarding the debt problem and the risk of low inflation rates being protracted in Europe, and the pace of recovery in the U.S. economy.
 
Quantitative and qualitative monetary easing (QQE) has been exerting its intended effects, and the Bank will continue with the QQE, aiming to achieve the price stability target of 2 percent, as long as it is necessary for maintaining that target in a stable manner. It will examine both upside and downside risks to economic activity and prices, and make adjustments as appropriate.

Bank of Japan l Rida Husna l rida@tradingeconomics.com
1/21/2015 4:50:34 AM


Recent Releases

Japan Leaves Monetary Policy Steady
The Bank of Japan decided by an 8-1 vote to keep buying enough government bonds to boost monetary base at an annual pace of about 80 trillion yen. Policymakers said the economy continues to recover moderately as a trend while inflation expectations seem to be rising. Published on 2014-12-19

BoJ Leaves Monetary Policy Unchanged
The Bank of Japan decided by 8-1 vote to keep buying enough government bonds to boost monetary base at an annual pace of about 80 trillion yen at its November meeting, saying the economy is recovering moderately though some weaknesses remained. Published on 2014-11-19


Calendar GMT Event Actual Previous Consensus Forecast (i)
2014-12-24 11:50 PM
BoJ Monetary Policy Meeting Minutes 
2015-01-21 04:00 AM
BoJ Interest Rate Decision 
0% 0.0% 0%
2015-01-25 11:50 PM
BoJ Monetary Policy Meeting Minutes 
2015-02-18 04:00 AM
BoJ Interest Rate Decision 
0% 0%
2015-02-22 11:50 PM
BoJ Monetary Policy Meeting Minutes 
2015-03-17 04:00 AM
BoJ Interest Rate Decision 
0%


Japan Money Last Previous Highest Lowest Unit
Interest Rate 0.00 0.00 9.00 0.00 percent [+]
Interbank Rate 0.10 0.10 8.40 0.04 percent [+]
Money Supply M0 85405.80 83312.10 85405.80 2130.10 JPY Billion [+]
Money Supply M1 603607.40 593912.10 603607.40 3921.00 JPY Billion [+]
Money Supply M2 893856.60 885745.30 893856.60 8404.00 JPY Billion [+]
Money Supply M3 1207703.20 1204272.90 1207703.20 1008505.00 JPY Billion [+]
Central Bank Balance Sheet 300211.70 297374.70 300211.70 4864.50 JPY Billion [+]
Foreign Exchange Reserves 1260548.00 1269079.00 1306668.00 455.00 USD Million [+]
Loans to Private Sector 422604.70 418634.70 536555.80 375948.90 JPY Billion [+]
Foreign Stock Investment -577.40 3.10 1568.80 -1092.30 JPY Billion [+]
Foreign Bond Investment -397.20 -121.10 2178.70 -2226.60 JPY Billion [+]
Loan Growth 2.60 2.70 3.65 -4.97 percent [+]


Interest Rate Reference Previous Highest Lowest Unit
Australia 2.50 Dec/14 2.50 17.50 2.50 percent [+]
Brazil 12.25 Jan/15 11.75 45.00 7.25 percent [+]
Canada 0.75 Jan/15 1.00 16.00 0.25 percent [+]
China 5.60 Dec/14 5.60 10.98 5.31 percent [+]
Euro Area 0.05 Jan/15 0.05 4.75 0.05 percent [+]
France 0.05 Jan/15 0.05 4.75 0.05 percent [+]
Germany 0.05 Jan/15 0.05 4.75 0.05 percent [+]
India 7.75 Jan/15 8.00 14.50 4.25 percent [+]
Indonesia 7.75 Jan/15 7.75 12.75 5.75 percent [+]
Italy 0.05 Jan/15 0.05 4.75 0.05 percent [+]
Japan 0.00 Jan/15 0.00 9.00 0.00 percent [+]
Mexico 3.00 Dec/14 3.00 9.25 3.00 percent [+]
Netherlands 0.05 Jan/15 0.05 4.75 0.05 percent [+]
Russia 17.00 Dec/14 9.50 17.00 5.00 percent [+]
South Korea 2.00 Jan/15 2.00 5.25 2.00 percent [+]
Spain 0.05 Jan/15 0.05 4.75 0.05 percent [+]
Switzerland -0.75 Jan/15 -0.25 3.50 -0.75 percent [+]
Turkey 7.75 Jan/15 8.25 500.00 4.50 percent [+]
United Kingdom 0.50 Aug/15 0.50 17.00 0.50 percent [+]
United States 0.25 Jan/15 0.25 20.00 0.25 percent [+]