Japan policy interest rate
Target level for the uncollateralized overnight call rate set by the Bank of Japan Policy Board in its Guideline for Money Market Operations; Japan's operative policy rate since the March 2024 exit from yield-curve control and negative rates.
| Current value | 1 percent |
|---|---|
| In force from | 2026-06-17 |
| Official source | Bank of Japan, 'Change in the Guideline for Money Market Operations', Monetary Policy Meeting decision of 16 June 2026 (Policy Board vote 7-1) |
| Last verified | 2026-07-20 |
| Verification | primary — No verification limitation recorded — read from the official source cited. |
| Provenance | source fingerprint |
What this value means
Guideline wording: 'The Bank will encourage the uncollateralized overnight call rate to remain at around 1.0 percent', effective 2026-06-17; raised from around 0.75 percent by 7-1 vote (Asada dissenting; Governor Ueda absent, Deputy Governor Himino chaired). Complementary deposit facility rate set at 1.0 percent and basic loan rate (complementary lending facility) at 1.25 percent, same date. Normalization path: negative-rate exit to 0-0.1 percent (Mar 2024), 0.25 percent (Jul 2024), 0.5 percent (effective 2025-01-27), 0.75 percent (effective 2025-12-22), 1.0 percent (effective 2026-06-17). The June 2026 statement says the Bank 'will continue to raise the policy interest rate' as conditions allow, so this value is live. Access quirk: BoJ English decision documents are PDF-only; the June 2026 rate change was released as a 'Change in the Guideline' document rather than a titled 'Statement on Monetary Policy' - check both listings at /en/mopo/mpmdeci/state_2026/ when re-verifying.
Earlier values
| From | Value | Source |
|---|---|---|
| 2018-01-01 | -0.1 | Bank for International Settlements - Central Bank Policy Rat |
| 2024-03-21 | 0.05 | Bank for International Settlements - Central Bank Policy Rat |
| 2024-08-01 | 0.25 | Bank for International Settlements - Central Bank Policy Rat |
| 2025-01-27 | 0.5 | Bank of Japan, 'Change in the Guideline for Money Market Ope |
| 2025-12-22 | 0.75 | Bank of Japan, 'Change in the Guideline for Money Market Ope |
Get it programmatically
curl https://asiaref.dev/v1/jp/policy-rate
# $0.001 per call — x402 on Base (USDC). No key, no signup.
# History: curl https://asiaref.dev/v1/jp/policy-rate/history?from=2020-01-01
# Provenance: curl https://asiaref.dev/provenance/jp/policy-rateOther Japan series: VAT rate · minimum wage · public holidays · inflation rate (CPI) · corporate tax rate · income tax rates