Japan Interest Rate

The benchmark interest rate in Japan was last recorded at 0 percent. Interest Rate in Japan is reported by the Bank of Japan. Interest Rate in Japan averaged 3.16 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. 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. 2014-04-20

Actual Previous Highest Lowest Forecast Dates Unit Frequency
0.00 0.00 9.00 0.00 0.00 | 2014/05 1972 - 2014 Percent Monthly

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Japan Interest Rate
LIST BY COUNTRY


CALENDAR GMT Country Event Reference Actual Previous Consensus Forecast
2014-01-22 03:00 AM Japan
BoJ Interest Rate Decision
0% 0% 0% 0%
2014-01-26 11:50 PM Japan
BoJ Monetary Policy Meeting Minutes
2014-02-18 03:00 AM Japan
BoJ Interest Rate Decision
0% 0% 0%
2014-02-20 11:50 PM Japan
BoJ MP Meeting Minutes
2014-03-11 03:00 AM Japan
BoJ Interest Rate Decision
0% 0% 0% 0%
2014-03-20 07:15 AM Japan
Bank of Japan Governor Kuroda Speech
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Money Last Previous Highest Lowest Forecast Unit
Interest Rate 0.00 2014-04-08 0.00 9.00 0.00 0.00 2014-05-31 Percent [+]
Central Bank Balance Sheet 240784.10 2014-03-31 240450.20 240784.10 4864.50 247371.38 2014-04-30 JPY Billion [+]
Foreign Bond Investment 1155.00 2014-04-17 -3987.00 21787.00 -22266.00 1900.31 2014-04-24 JPY Hundred Million [+]
Foreign Exchange Reserves 1279346.00 2014-03-31 1288206.00 1306668.00 455.00 1278256.09 2014-04-30 USD Million [+]
Foreign Stock Investment -835.00 2014-04-17 -5151.00 15688.00 -9928.00 -2213.95 2014-05-31 JPY Hundred Million [+]
Interbank Rate 0.14 2014-03-15 0.14 8.40 0.05 0.25 2014-04-30 Percent [+]
Loans to Private Sector 413738.30 2014-03-15 412057.90 536555.80 375948.90 414101.20 2014-03-31 JPY Billion [+]
Money Supply M0 82103.00 2014-03-15 81516.00 82492.60 2130.10 81900.09 2014-03-31 JPY Billion [+]
Money Supply M1 579499.90 2014-03-15 573992.60 579499.90 3921.00 579986.23 2014-03-31 JPY Billion [+]
Money Supply M2 863617.40 2014-03-15 861437.80 866131.40 8404.00 866749.28 2014-03-31 JPY Billion [+]
Money Supply M3 1176919.20 2014-03-15 1177732.30 1177732.30 1008503.40 1180246.25 2014-03-31 JPY Billion [+]
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Bank of Japan Leaves Monetary Stimulus Unchanged

At its April 8th, 2014 meeting, the Bank of Japan maintained its commitment to increase base money at an annual pace of 60 trillion to 70 trillion yen, as widely expected, despite a sales tax hike, saying the economy is recovering moderately.

The central bank also said it will purchase Japanese government bonds (JGBs) so that their amount outstanding will increase at an annual pace of about 50 trillion yen, and the average remaining maturity of the Bank's JGB purchases will be about seven years; it will purchase exchange-traded funds (ETFs) and Japan real estate investment trusts (J-REITs) so that their amounts outstanding will increase at an annual pace of about 1 trillion yen and about 30 billion yen respectivel and it will maintain CP and corporate bonds at about 2.2 trillion yen and about 3.2 trillion yen respectively.  

Excerpt from the statement by the Bank of Japan:

Japan's economy has continued to recover moderately as a trend, albeit with some fluctuations due to the consumption tax hike. Overseas economies -- mainly advanced economies -- are starting to recover, although a lackluster performance is still seen in part. 

Exports have recently leveled off more or less. The pick-up in business fixed investment has become increasingly evident as corporate profits have improved. Public investment has continued to increase. Private consumption and housing investment have remained resilient as a trend with improvement in the employment and income situation, albeit with some fluctuations due to the consumption tax hike. Reflecting these developments in demand both at home and abroad, industrial production has been on a moderate increasing trend. 

Business sentiment has continued to improve, although some cautiousness about the outlook has been observed. 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) is around 1¼ percent. Inflation expectations appear to be rising on the whole. 

With regard to the outlook, Japan's economy is expected to continue a moderate recovery as a trend, while it will be affected by the subsequent decline in demand following the front-loaded increase prior to the consumption tax hike. The year-on-year rate of increase in the CPI, excluding the direct effects of the consumption tax hike, is likely to be around 1¼ percent for some time.  

Risks to the outlook include developments in the emerging and commodity-exporting economies, the prospects for the European debt problem, and the pace of recovery in the U.S. economy.

Bank of Japan | Joana Taborda | joana.taborda@tradingeconomics.com
4/8/2014 8:41:30 AM

RECENT RELEASES

BoJ Leaves Monetary Policy Unchanged
Bank of Japan decided on March 11th to leave the monetary policy steady and keep buying enough government bonds to boost monetary base at an annual pace of about 60-70 trillion yen, saying the economy was picking up. Published on 2014-03-11

Bank of Japan Expands Loan Support Programme
At its February 18th, 2014 meeting, the Bank of Japan decided to keep boosting the monetary base at an annual pace of about 60-70 trillion yen. The central bank also decided to extend two facilities that were set to expire in April, aiming to stimulate bank lending. Published on 2014-02-18


Interest Rate | Notes
The interest rate shown on this page refers to the central bank benchmark interest rate. Usually, the central bank benchmark interest rate is the overnight rate at which central banks make loans to the commercial banks under their jurisdiction. Moving the benchmark interest rate, the central bank is able to make an impact on interest rates of commercial banks, inflation level of the country and national currency exchange rate. Reduction of interest rates should bring increase in business activity, a rise in inflation rate and weakening of national currency. In case of increase in interest rates the level of business activity is likely to drop, inflation declines and national currency strengthens.


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