Japan Interest Rate

The benchmark interest rate in Japan was last recorded at 0 percent. Interest Rate in Japan averaged 3.14 Percent from 1972 until 2014, reaching an all time high of 9.00 Percent in December of 1973 and a record low of 0.00 Percent in February of 1999. Interest Rate in Japan is reported by the Bank of Japan.

   
 
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Japan Interest Rate


Actual Previous Highest Lowest Dates Unit Frequency
0.00 0.00 9.00 0.00 1972 - 2014 Percent Monthly
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.


BoJ Stands Pat on Monetary Policy, Cuts Growth Outlook


On July 15th, the Bank of Japan decided unanimously to continue increasing monetary base at an annual pace of ¥60 trillion to ¥70 trillion and lowered growth outlook for the fiscal year of 2014 to 1 percent.

The Bank of Japan will conduct money market operations so that the monetary base will increase at an annual pace of about 60-70 trillion yen.

The Bank 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. The Bank 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 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.

Japan's economy has continued to recover moderately as a trend, although the subsequent decline in demand following the front-loaded increase prior to the consumption tax hike has been observed. Overseas economies -- mainly advanced economies -- are recovering, albeit with a lackluster performance still seen in part. Exports have recently leveled off more or less. Business fixed investment has increased moderately as corporate profits have improved. Public investment has more or less leveled off at a high level.

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 is likely to be around 1¼ percent for some time.

Compared with the forecast presented in the April 2014, the growth rate and year-on-year rate of increase in the CPI will likely be broadly in line with the April forecasts. For fiscal year of 2015, the real GDP is expected at 1.5 percent, while for the 2016 it is projected at 1.3 percent. The CPI for fiscal year of 2015 is expected at 2.6 percent and for the 2016 is at 2.8 percent, the same figures with the forecasts made in April 2014.

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.

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.





 

BoJ l Rida l rida@tradingeconomics.com
7/15/2014 5:01:11 AM


Recent Releases

Bank of Japan Keeps Monetary Policy Unchanged
On June 13th, the Bank of Japan decided unanimously to continue increasing monetary base at an annual pace of ¥60 trillion to ¥70 trillion and raised its assessment on overseas economies. Published on 2014-06-13

BoJ Keeps Monetary Policy Unchanged
At its May 21st, 2014 meeting, Bank of Japan kept its pledge to increase the monetary base at an annual pace of 60-70 trillion yen, as it considers the bond-buying programme has been exerting its intended effects. Published on 2014-05-21


Calendar GMT Country Event Reference Actual Previous Consensus Forecast
2014-04-30 04:00 AM Japan
BoJ Interest Rate Decision
0% 0% 0.0% 0%
2014-05-21 04:00 AM Japan
BoJ Interest Rate Decision
0.0% 0% 0% 0%
2014-06-13 04:00 AM Japan
BoJ Interest Rate Decision
0.0% 0% 0% 0%
2014-07-15 04:00 AM Japan
BoJ Interest Rate Decision
0% 0.0% 0%
2014-08-08 04:00 AM Japan
BoJ Interest Rate Decision
0% 0%


Money Last Previous Highest Lowest Unit
Interest Rate 0.00 0.00 9.00 0.00 Percent [+]
Interbank Rate 0.13 0.13 8.40 0.05 Percent [+]
Money Supply M0 81816.10 82003.20 82492.60 2130.10 JPY Billion [+]
Money Supply M1 586831.90 587037.40 588996.60 3921.00 JPY Billion [+]
Money Supply M2 875347.10 871898.10 875347.10 8404.00 JPY Billion [+]
Money Supply M3 1182384.10 1180904.60 1182384.10 1008503.40 JPY Billion [+]
Central Bank Balance Sheet 257761.30 253973.00 257761.30 4864.50 JPY Billion [+]
Foreign Exchange Reserves 1283921.00 1283920.00 1306668.00 455.00 USD Million [+]
Loans to Private Sector 413703.00 412448.40 536555.80 375948.90 JPY Billion [+]
Foreign Stock Investment 139.20 -32.50 1568.80 -1092.30 JPY Billion [+]
Foreign Bond Investment 116.10 -1046.10 2178.70 -2226.60 JPY Billion [+]





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