Japan Interest Rate 1972-2018 | Data | Chart | Calendar | Forecast | News

The Bank of Japan left its key short-term interest rate unchanged at -0.1 percent at its January 2018 meeting, as expected. Policymakers also kept its 10-year government bond yield target around zero percent and offered a more upbeat view on inflation expectations. Interest Rate in Japan averaged 2.86 percent from 1972 until 2018, reaching an all time high of 9 percent in December of 1973 and a record low of -0.10 percent in January of 2016.

Japan Interest Rate
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BoJ Holds Monetary Policy Steady

The Bank of Japan left its key short-term interest rate unchanged at -0.1 percent at its January 2018 meeting, as expected. Policymakers also kept its 10-year government bond yield target around zero percent and offered a more upbeat view on inflation expectations.

With regard to the amount of JGBs to be purchased, the Bank will conduct buying at more or less the current pace -- an annual pace of increase of about 80 trillion yen.

The BoJ also determined by an unanimous 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 paces of about JPY 6.0 trillion and about JPY 90 billion, 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.

Meanwhile in a quarterly review of the central bank's forecasts, the BoJ maintained its core CPI forecast for fiscal 2017 at 0.8 percent. However, medium-to-long-term inflation expectations are projected to rise as firms' stance gradually shifts toward raising wages and prices with an improvement in the output gap continuing. Considering the timing for inflation to reach 2 percent, policymakers said it will likely be around fiscal 2019. Regarding the GDP, the central bank said the projected growth rates are more or less unchanged from an earlier projection.

Excerpts from the Outlook for Economic Activity and Prices:

Japan's economy is likely to continue its moderate expansion. Through fiscal 2018, domestic demand is likely to follow an uptrend, with a virtuous cycle from income to spending being maintained in both corporate and household sectors, on the back of highly accommodative financial conditions and underpinnings through the government's past stimulus measures. Business fixed investment is likely to continue increasing, supported by acccommodative financial conditions, heightened growth expectations and increases in Olympic Games-related investment, as well as in labor-saving investment to address the labor shortage. Private consumption is also expected to follow a moderate increasing trend as employment and income situation continues to improve. Public investment is expected to remain at a relatively high level, mainly reflecting Olympic Games-related demand, although the positive effects resulting from the past stimulus measures are likely to diminish moderately. Meanwhile, overseas economies are expected to continue growing at a moderate pace. Exports are expected to continue their moderate increasing trend on the back of such growth in overseas economies.

For fiscal 2018, the economy is expected to expand by 1.4 percent, unchanged from an earlier projection. Core CPI for the year is projected to rise by 1.4 percent, the same as the preceding forecasts.

With regard to the outlook, the year-on-year rate of change in the CPI is likely to continue on an uptrend and increase toward 2 percent, mainly on the back of the improvement in the output gap and the rise in medium- to long-term inflation expectations. Comparing the current projections with the previous ones, the projected rates of increase in the CPI are more or less unchanged. The timing of the year-on-year rate of change in the CPI reaching around 2 percent will likely be around fiscal 2019.

Bank of Japan | Rida Husna |
1/23/2018 8:09:30 AM

Calendar GMT Actual Previous Consensus TEForecast
2017-10-31 03:00 AM BoJ Interest Rate Decision -0.1% -0.1% -0.1% -0.1%
2017-12-21 03:00 AM BoJ Interest Rate Decision -0.1% -0.1% -0.1% -0.1%
2018-01-23 03:00 AM BoJ Interest Rate Decision -0.1% -0.1% -0.1% -0.1%
2018-03-09 03:00 AM BoJ Interest Rate Decision -0.1% -0.1%
2018-04-27 03:20 AM BoJ Interest Rate Decision -0.1%
2018-04-27 05:00 AM BoJ Quarterly Outlook Report

Japan Money Last Previous Highest Lowest Unit
Interest Rate -0.10 -0.10 9.00 -0.10 percent [+]
Interbank Rate -0.07 -0.07 8.50 -0.08 percent [+]
Money Supply M0 99257.00 99096.90 99257.00 2130.10 JPY Billion [+]
Money Supply M1 736984.70 734660.40 736984.70 3921.00 JPY Billion [+]
Money Supply M2 991990.00 991096.00 991990.00 8404.00 JPY Billion [+]
Money Supply M3 1318240.60 1316338.20 1318240.60 1008505.00 JPY Billion [+]
Central Bank Balance Sheet 526703.60 521416.10 526703.60 4864.50 JPY Billion [+]
Foreign Exchange Reserves 1268535.00 1264300.00 1306668.00 455.00 USD Million [+]
Loans to Private Sector 454911.10 454068.10 536555.80 375948.90 JPY Billion [+]
Deposit Interest Rate 0.30 0.40 5.50 0.04 percent [+]
Foreign Stock Investment 127.10 -430.00 1568.80 -1582.50 JPY Billion [+]
Foreign Bond Investment -553.10 -967.30 2549.70 -3072.10 JPY Billion [+]
Loan Growth 2.40 2.50 3.60 -5.00 percent [+]
Private Debt to GDP 231.10 232.40 293.60 230.10 percent [+]

Japan Interest Rate

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 February of 2018.

Actual Previous Highest Lowest Dates Unit Frequency
-0.10 -0.10 9.00 -0.10 1972 - 2018 percent Daily

interest rate by Country
Country Last
Turkey 8.00 Jan/18
Mexico 7.50 Feb/18
Russia 7.50 Feb/18
Brazil 6.75 Feb/18
India 6.00 Feb/18
China 4.35 Jan/18
Indonesia 4.25 Feb/18
Australia 1.50 Feb/18
South Korea 1.50 Jan/18
United States 1.50 Jan/18
Canada 1.25 Jan/18
United Kingdom 0.50 Feb/18
Euro Area 0.00 Jan/18
France 0.00 Jan/18
Germany 0.00 Jan/18
Italy 0.00 Jan/18
Netherlands 0.00 Jan/18
Spain 0.00 Jan/18
Japan -0.10 Jan/18
Switzerland -0.75 Jan/18