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 3.05 percent from 1972 until 2015, 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.

  
Japan Interest Rate
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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 Sunday, August 2, 2015.


Calendar GMT Reference Actual Previous Consensus Forecast (i)
2015-06-24 12:50 AM
2015-07-15 03:00 AM 0% 0% 0%
2015-07-21 12:50 AM
2015-08-07 01:00 AM
2015-08-07 04:00 AM 0% 0%
2015-09-15 04:00 AM


BoJ Leaves Policy Unchanged, Slashes GDP Forecast


The Bank of Japan kept its pledge to increase the monetary base at an annual pace of about 80 trillion yen at its July 2015 meeting, saying the economy continues its moderate recovery while inflation is expected to slow due to falling energy prices.

Policymakers also said that for fiscal year of 2015, the GDP growth projection will likely be lower than their earlier forecasts made in April 2015.

The Policy Board also decided by an 8-1 vote to 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 3 trillion yen and about 90 billion yen respectively. As for CP and corporate bonds, the Bank will maintain their amounts outstanding at about 2.2 trillion yen and about 3.2 trillion yen respectively.

Excerpts from the Statement by the Bank of Japan:

Japan's economy has continued its moderate recovery. Oversees economies -- mainly advanced economies -- have been recovering, albeit with a lackluster performance still seen in part. In this situation, exports have been picking up albeit with some fluctuations. As corporate profits have improved and business sentiment has generally stayed at a favorable level, business fixed investment has been on a moderate increasing trend. Against the background of steady improvement in the employment and income situation, private consumption has been resilient against and housing investment has started to pick up. Meanwhile, public investment has entered a moderate declining trend, although it remains at a high level. 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 about 0 percent. Inflation expectations appear to be rising on the whole from somewhat longer-term perspective.

With regard to the outlook, Japan's economy is expected to continue its moderate recovery trend. The year-on-year rate of increase in the CPI is likely to be about 0 percent for the time being, due to the effects of the decline in energy prices.

Compared with the forecasts presented in the April 2015 Outlook for Economic Activity and Prices, the growth rate will likely be somewhat lower for fiscal 2015, but will likely be more or less unchanged for fiscal 2016 and 2017. The year-on-year rate of increase in the CPI will likely be broadly in line with the April 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
7/15/2015 5:10:35 AM


Recent Releases

BoJ Leaves Monetary Policy Steady
The Bank of Japan kept its pledge to increase the monetary base at an annual pace of about 80 trillion yen at its June 2015 meeting saying growth and inflation are both recovering.
Published on 2015-06-19

BoJ Keeps Monetary Policy Unchanged
The Bank of Japan pledged it would continue buying enough government bonds to inrease the monetary base at an annual pace of about 80 trillion yen. Policymakers said the economy has continued to recover moderately, raising its view of consumer spending and housing investment while noticing a moderate declining trend of public investment.
Published on 2015-05-22

Bank of Japan Cuts Inflation and GDP Forecast
The Bank of Japan kept its monetary policy unchanged at the meeting held on April 30th and lowered slightly its projections for core inflation rate and GDP growth.
Published on 2015-04-30

BoJ Leaves Monetary Policy Unchanged
The Bank of Japan pledged it would continue buying enough government bonds to inrease the monetary base at an annual pace of about 80 trillion yen. Policymakers said the economy has kept its moderate recovery while year-on-year inflation is likely to be about 0 percent for the time being, due to falling energy prices.
Published on 2015-04-08


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 85662.60 85753.80 85753.80 2130.10 JPY Billion [+]
Money Supply M1 618726.80 620044.70 620044.70 3921.00 JPY Billion [+]
Money Supply M2 908745.30 906687.30 908745.30 8404.00 JPY Billion [+]
Money Supply M3 1221388.40 1220918.10 1221388.40 1008505.00 JPY Billion [+]
Central Bank Balance Sheet 345439.50 343140.20 345439.50 4864.50 JPY Billion [+]
Foreign Exchange Reserves 1242900.00 1245800.00 1306668.00 455.00 USD Million [+]
Loans to Private Sector 424212.50 423274.00 536555.80 375948.90 JPY Billion [+]
Foreign Stock Investment -82.10 622.60 1568.80 -1092.30 JPY Billion [+]
Foreign Bond Investment -21.70 574.50 2178.70 -3072.50 JPY Billion [+]
Loan Growth 2.50 2.60 3.65 -4.97 percent [+]


Interest Rate Reference Previous Highest Lowest Unit
Australia 2.00 Jul/15 2.00 17.50 2.00 percent [+]
Brazil 14.25 Jul/15 13.75 45.00 7.25 percent [+]
Canada 0.50 Jul/15 0.75 16.00 0.25 percent [+]
China 4.85 Jun/15 5.10 10.98 4.85 percent [+]
Euro Area 0.05 Jul/15 0.05 4.75 0.05 percent [+]
India 7.25 Jun/15 7.50 14.50 4.25 percent [+]
Indonesia 7.50 Jul/15 7.50 12.75 5.75 percent [+]
Japan 0.00 Jul/15 0.00 9.00 0.00 percent [+]
Mexico 3.00 Jul/15 3.00 9.25 3.00 percent [+]
Russia 11.00 Jul/15 11.50 17.00 5.00 percent [+]
South Korea 1.50 Jul/15 1.50 5.25 1.50 percent [+]
Switzerland -0.75 Jun/15 -0.75 3.50 -0.75 percent [+]
Turkey 7.50 Jul/15 7.50 500.00 4.50 percent [+]
United Kingdom 0.50 Jul/15 0.50 17.00 0.50 percent [+]
United States 0.25 Jul/15 0.25 20.00 0.25 percent [+]