Bank of Japan Policy Interest Rate (Japan) - Historical Data
Historical time series of the Bank of Japan Policy Interest Rate set by the Bank of Japan (BOJ) from 1946 to 2026. From 24 Sep 2026: the BOJ encourages the uncollateralized overnight call rate to remain at around 1.25 percent; From 17 Jun 2026 to 23 Sep 2026: the BOJ encourages the uncollateralized overnight call rate to remain at around 1.00 percent; From 22 Dec 2025 to 16 Jun 2026: the BOJ encourages the uncollateralized overnight call rate to remain at around 0.75 percent; From 27 Jan 2025 to 21 Dec 2025: the BOJ encourages the uncollateralized overnight call rate to remain at around 0.50 percent; From 1 Aug 2024 to 26 Jan 2025: the BOJ encouraged the UOCR to remain at around 0.25% ; From 21 Mar 2024 to 31 July: the BOJ encouraged the UOCR to remain at around 0 to 0.1 %; from 21 Sep 2016 to 20 Mar 2024: the BOJ set the guideline for market operations which specifies a short-term policy interest rate at minus 0.1% and a target level of 10-year JGB yields at around 0%. Short-term policy interest rate; from 4 Apr 2013 to 20 Sep 2016: no policy rate; from 5 Oct 2010 to 3 Apr 2013: the BOJ encouraged the UOCR to remain at around 0 to 0.1%; from 19 Dec 2008 to 4 Oct 2010: the BOJ encouraged the UOCR to remain at around 0. %; from 31 Oct 2008 to 18 Dec 2008: the BOJ encouraged the UOCR to remain at around 0.3%; before 30 Oct 2008, refer to https://data.bis.org/topics/CBPOL The latest benchmark reading is 1.25% (Sep 2026), corresponding to an ex-post real policy rate of -0.65% after adjusting for Japan headline CPI inflation (1.90%).
Current Statistics & Historical Records
Peak monetary tightening by Bank of Japan (Bank of Japan Policy Interest Rate).
Lowest policy interest rate stance set by Bank of Japan.
75 annual observations · Monthly
Bank of Japan Policy Interest Rate (Japan) (1946-2026)
% p.a.Drag to pan, scroll to zoom, or toggle between full archive (1946–2026) and recent monthly observations.
BOJ Policy Rate Averages by Decade
Decadal mean, peak, and trough across the 1946–2026 archive
| Decade | Years Covered | Decade Mean | Decade High (Year) | Decade Low (Year) |
|---|---|---|---|---|
| 1940s | 1946–1949 | 4.38% | 5.11% (1948) | 3.65% (1946) |
| 1950s | 1950–1959 | 6.61% | 8.40% (1957) | 5.11% (1950) |
| 1960s | 1960–1969 | 6.21% | 7.30% (1961) | 5.48% (1965) |
| 1970s | 1970–1979 | 6.00% | 9.00% (1973) | 3.50% (1978) |
| 1980s | 1980–1989 | 4.55% | 7.25% (1980) | 2.50% (1987) |
| 1990s | 1990–1999 | 1.93% | 6.00% (1990) | 0.25% (1998) |
| 2000s | 2000–2009 | 0.23% | 0.50% (2007) | 0.10% (2008) |
| 2010s | 2010–2019 | -0.03% | 0.05% (2010) | -0.10% (2016) |
| 2020s | 2020–2026 | 0.26% | 1.25% (2026) | -0.10% (2020) |
Complete Annual Historical Ledger (1946–2026)
Unit: % p.a. · Source: Bank for International Settlements (BIS) & Bank of Japan (WS_CBPOL:M:JP)
| Year | Annual Value (% p.a.) | Real Policy Rate (CPI-Adj) | Intra-Year Range (Min – Max) | Monetary Regime & Historical Context |
|---|---|---|---|---|
| 2026 | 1.25% | -0.27% | 0.75% – 1.25% | - |
| 2025 | 0.75% | -2.45% | 0.50% – 0.75% | Post-tightening monetary recalibration across advanced and emerging central banks |
| 2024 | 0.25% | -2.50% | -0.10% – 0.25% | G10 policy rates peak and pivot toward gradual monetary normalization |
| 2023 | -0.10% | -3.36% | -0.10% – -0.10% | - |
| 2022 | -0.10% | -2.61% | -0.10% – -0.10% | Global inflation surge triggers fastest synchronized rate hiking cycle in four decades |
| 2021 | -0.10% | +0.14% | -0.10% – -0.10% | - |
| 2020 | -0.10% | -0.08% | -0.10% – -0.10% | COVID-19 pandemic emergency rate cuts and record balance sheet expansion |
| 2019 | -0.10% | -0.60% | -0.10% – -0.10% | - |
| 2018 | -0.10% | -1.07% | -0.10% – -0.10% | - |
| 2017 | -0.10% | -0.58% | -0.10% – -0.10% | - |
| 2016 | -0.10% | +0.01% | -0.10% – -0.10% | Bank of Japan introduces Yield Curve Control (YCC); post-Brexit BoE easing |
| 2013 | 0.05% | -0.29% | 0.05% – 0.05% | - |
| 2012 | 0.05% | +0.10% | 0.05% – 0.05% | - |
| 2011 | 0.05% | +0.33% | 0.05% – 0.05% | European Sovereign Debt Crisis and Swiss franc safe-haven surge |
| 2010 | 0.05% | +0.75% | 0.05% – 0.10% | - |
| 2009 | 0.10% | +1.44% | 0.10% – 0.10% | - |
| 2008 | 0.10% | -1.29% | 0.10% – 0.50% | Global Financial Crisis drives major central banks to the zero lower bound and QE1 |
| 2007 | 0.50% | +0.45% | 0.25% – 0.50% | - |
| 2006 | 0.25% | +0.03% | 0.00% – 0.25% | - |
| 2001 | 0.15% | +0.87% | 0.15% – 0.25% | Dot-com bust and synchronized G10 monetary easing cycle |
| 2000 | 0.25% | +0.92% | 0.25% – 0.25% | - |
| 1999 | 0.25% | +0.59% | 0.25% – 0.25% | Launch of the Euro and establishment of the European Central Bank (ECB) |
| 1998 | 0.25% | -0.43% | 0.25% – 0.50% | - |
| 1997 | 0.50% | -1.20% | 0.50% – 0.50% | Asian Financial Crisis triggers emergency EM currency defense hikes |
| 1996 | 0.50% | +0.37% | 0.50% – 0.50% | - |
| 1995 | 0.50% | +0.60% | 0.50% – 1.75% | - |
| 1994 | 1.75% | +1.06% | 1.75% – 1.75% | Global bond market selloff and pre-emptive Federal Reserve tightening cycle |
| 1993 | 1.75% | +0.49% | 1.75% – 3.25% | - |
| 1992 | 3.25% | +1.51% | 3.25% – 4.50% | European Exchange Rate Mechanism (ERM) crisis and Black Wednesday |
| 1991 | 4.50% | +1.22% | 4.50% – 6.00% | - |
| 1990 | 6.00% | +2.94% | 4.25% – 6.00% | German reunification tightening and Japanese asset bubble peak |
| 1989 | 4.25% | +1.96% | 2.50% – 4.25% | - |
| 1988 | 2.50% | +1.84% | 2.50% – 2.50% | - |
| 1987 | 2.50% | +2.39% | 2.50% – 3.00% | Louvre Accord and Black Monday central bank liquidity provision |
| 1986 | 3.00% | +2.40% | 3.00% – 4.50% | - |
| 1985 | 5.00% | +2.94% | 5.00% – 5.00% | Plaza Accord coordinated G5 currency intervention depreciates USD |
| 1984 | 5.00% | +2.73% | 5.00% – 5.00% | - |
| 1983 | 5.00% | +3.11% | 5.00% – 5.50% | - |
| 1982 | 5.50% | +2.76% | 5.50% – 5.50% | - |
| 1981 | 5.50% | +0.58% | 5.50% – 7.25% | Volcker disinflation peak pushes benchmark policy rates to postwar highs |
| 1980 | 7.25% | -0.54% | 6.25% – 9.00% | - |
| 1979 | 6.25% | +2.49% | 3.50% – 6.25% | Second oil shock; Paul Volcker appointed Federal Reserve Chair |
| 1978 | 3.50% | -0.71% | 3.50% – 4.25% | - |
| 1977 | 4.25% | -3.89% | 4.25% – 6.50% | - |
| 1976 | 6.50% | -2.88% | 6.50% – 6.50% | - |
| 1975 | 6.50% | -5.43% | 6.50% – 9.00% | - |
| 1974 | 9.00% | -14.10% | 9.00% – 9.00% | First OPEC oil shock triggers global stagflation and steep policy rate hikes |
| 1973 | 9.00% | -2.55% | 4.25% – 9.00% | - |
| 1972 | 4.25% | -0.65% | 4.25% – 4.75% | - |
| 1971 | 4.75% | -1.67% | 4.75% – 5.75% | Nixon Shock suspends USD gold convertibility; Bretton Woods system ends |
| 1970 | 6.00% | -1.56% | 6.00% – 6.25% | - |
| 1969 | 6.25% | +0.99% | 5.84% – 6.25% | - |
| 1968 | 5.84% | +0.41% | 5.84% – 6.21% | - |
| 1967 | 5.84% | +1.84% | 5.48% – 5.84% | - |
| 1966 | 5.48% | +0.49% | 5.48% – 5.48% | Credit crunch of 1966 and monetary tightening |
| 1965 | 5.48% | -1.19% | 5.48% – 6.21% | - |
| 1964 | 6.57% | +2.87% | 5.84% – 6.57% | - |
| 1963 | 5.84% | -1.80% | 5.84% – 6.57% | - |
| 1962 | 6.57% | -0.20% | 6.57% – 7.30% | - |
| 1961 | 7.30% | +1.86% | 6.57% – 7.30% | - |
| 1960 | 6.94% | +3.27% | 6.94% – 7.30% | - |
| 1959 | 7.30% | +6.20% | 6.94% – 7.30% | - |
| 1958 | 7.30% | +7.75% | 7.30% – 8.40% | Eisenhower recession and global monetary easing |
| 1957 | 8.40% | +5.44% | 7.30% – 8.40% | - |
| 1956 | 7.30% | +7.01% | 7.30% – 7.30% | - |
| 1955 | 7.30% | +8.41% | 5.84% – 7.30% | - |
| 1954 | 5.84% | -1.10% | 5.84% – 5.84% | Post-Korean War Federal Reserve policy rate normalization |
| 1953 | 5.84% | -0.49% | 5.84% – 5.84% | - |
| 1952 | 5.84% | +0.66% | 5.84% – 5.84% | - |
| 1951 | 5.84% | -12.02% | 5.11% – 5.84% | - |
| 1950 | 5.11% | +11.78% | 5.11% – 5.11% | - |
| 1949 | 5.11% | -29.92% | 5.11% – 5.11% | - |
| 1948 | 5.11% | -87.30% | 3.65% – 5.11% | - |
| 1947 | 3.65% | -173.70% | 3.65% – 3.65% | - |
| 1946 | 3.65% | - | 3.29% – 3.65% | - |
Frequently Asked Questions - BOJ Policy Rate
What is the current Bank of Japan Policy Interest Rate?
As of Sep 2026, the Bank of Japan Policy Interest Rate is 1.25% per annum. Adjusted for headline inflation (1.90%), the ex-post real policy rate in Japan stands at -0.65%.
What was the highest and lowest Bank of Japan interest rate on record?
Across the 1946-2026 archive, the Bank of Japan Policy Interest Rate reached a record high of 9.00% in Dec 1973 and a record low of -0.10% in Sep 2016. The long-run annual mean is 3.65%.
What is the Bank of Japan inflation target?
The Bank of Japan operates with an official inflation target of 2.0% Price Stability Target. Its statutory mandate is: Achieving price stability to ensure the soundness of the national economy.
Source Metadata & Methodology Notes
- Primary Institution:
- Bank for International Settlements (BIS) & Bank of Japan
- Dataset / Dataflow:
- BIS Central Bank Policy Rates (WS_CBPOL)
- Canonical Series ID:
- WS_CBPOL:M:JP
- Reuse & License:
- Terms of permitted use of BIS statistics
- Primary compilation: From 24 Sep 2026: the BOJ encourages the uncollateralized overnight call rate to remain at around 1.25 percent; From 17 Jun 2026 to 23 Sep 2026: the BOJ encourages the uncollateralized overnight call rate to remain at around 1.00 percent; From 22 Dec 2025 to 16 Jun 2026: the BOJ encourages the uncollateralized overnight call rate to remain at around 0.75 percent; From 27 Jan 2025 to 21 Dec 2025: the BOJ encourages the uncollateralized overnight call rate to remain at around 0.50 percent; From 1 Aug 2024 to 26 Jan 2025: the BOJ encouraged the UOCR to remain at around 0.25% ; From 21 Mar 2024 to 31 July: the BOJ encouraged the UOCR to remain at around 0 to 0.1 %; from 21 Sep 2016 to 20 Mar 2024: the BOJ set the guideline for market operations which specifies a short-term policy interest rate at minus 0.1% and a target level of 10-year JGB yields at around 0%. Short-term policy interest rate; from 4 Apr 2013 to 20 Sep 2016: no policy rate; from 5 Oct 2010 to 3 Apr 2013: the BOJ encouraged the UOCR to remain at around 0 to 0.1%; from 19 Dec 2008 to 4 Oct 2010: the BOJ encouraged the UOCR to remain at around 0. %; from 31 Oct 2008 to 18 Dec 2008: the BOJ encouraged the UOCR to remain at around 0.3%; before 30 Oct 2008, refer to https://data.bis.org/topics/CBPOL
- Reporting agency: Bank of Japan; harmonized and disseminated via the BIS WS_CBPOL statistical dataflow.
- Annual table values represent the year-end (December or latest available month) policy rate reading; minimum and maximum columns record the intra-year policy rate corridor.
- Ex-Post Real Policy Rate series is computed as Nominal Policy Rate (% p.a.) minus contemporaneous year-on-year Headline CPI Inflation (% from BIS WS_LONG_CPI).
Cite This Dataset (APA & BibTeX)
@misc{cbd_cbpol_japan,
author = {CentralBankData.com},
title = {Bank of Japan Policy Interest Rate (Japan)},
note = {Compiled from Bank for International Settlements WS_CBPOL:M:JP},
year = {2026},
url = {https://centralbankdata.com/bank-of-japan-interest-rate}
}