FED minus BOJ (USD/JPY)
• Coverage: 1954–2026
Federal Reserve vs. Bank of Japan Interest Rate Differential (1954–2026)
Historical policy rate spread between the Federal Reserve (FED Policy Rate) and the Bank of Japan (BOJ Policy Rate). As of Sep 2026, FED stands at 3.88% vs. BOJ at 1.25%, resulting in a bilateral policy rate differential of +263 bps (+2.63 percentage points).
Current Spread (Sep 2026)
+263 bps
FED: 3.88% · BOJ: 1.25%
Mean Spread (1954–2026)
+129 bps
67 overlapping years
Widest Positive Spread (1980)
+1475 bps
Maximum FED premium over BOJ Lowest / Negative Spread (1957)
-540 bps
Minimum FED minus BOJ differential
FED (Blue) vs. BOJ (Amber) Policy Rates (1954–2026)
Toggle between Dual Policy Rate Trajectories (% p.a.) and Basis-Point Differential (FED minus BOJ, bps).
Source: Bank for International Settlements (WS_CBPOL) Blue: Federal Reserve · Amber: Bank of Japan
Annual FED vs. BOJ Policy Rate Differential Ledger (1954–2026)
| Year | FED Policy Rate | BOJ Policy Rate | Spread (% pts) | Spread (Basis Points) |
|---|---|---|---|---|
| 2026 | 3.88% | 1.25% | +2.63 pp | +263 bps |
| 2025 | 3.62% | 0.75% | +2.87 pp | +287 bps |
| 2024 | 4.38% | 0.25% | +4.13 pp | +413 bps |
| 2023 | 5.38% | -0.10% | +5.48 pp | +548 bps |
| 2022 | 4.38% | -0.10% | +4.48 pp | +448 bps |
| 2021 | 0.12% | -0.10% | +0.22 pp | +22 bps |
| 2020 | 0.12% | -0.10% | +0.22 pp | +22 bps |
| 2019 | 1.62% | -0.10% | +1.72 pp | +172 bps |
| 2018 | 2.38% | -0.10% | +2.48 pp | +248 bps |
| 2017 | 1.38% | -0.10% | +1.48 pp | +148 bps |
| 2016 | 0.62% | -0.10% | +0.72 pp | +72 bps |
| 2013 | 0.12% | 0.05% | +0.07 pp | +7 bps |
| 2012 | 0.12% | 0.05% | +0.07 pp | +7 bps |
| 2011 | 0.12% | 0.05% | +0.07 pp | +7 bps |
| 2010 | 0.12% | 0.05% | +0.07 pp | +7 bps |
| 2009 | 0.12% | 0.10% | +0.02 pp | +2 bps |
| 2008 | 0.12% | 0.10% | +0.02 pp | +2 bps |
| 2007 | 4.25% | 0.50% | +3.75 pp | +375 bps |
| 2006 | 5.25% | 0.25% | +5.00 pp | +500 bps |
| 2001 | 1.75% | 0.15% | +1.60 pp | +160 bps |
| 2000 | 6.50% | 0.25% | +6.25 pp | +625 bps |
| 1999 | 5.50% | 0.25% | +5.25 pp | +525 bps |
| 1998 | 4.75% | 0.25% | +4.50 pp | +450 bps |
| 1997 | 5.50% | 0.50% | +5.00 pp | +500 bps |
| 1996 | 5.25% | 0.50% | +4.75 pp | +475 bps |
| 1995 | 5.50% | 0.50% | +5.00 pp | +500 bps |
| 1994 | 5.50% | 1.75% | +3.75 pp | +375 bps |
| 1993 | 3.00% | 1.75% | +1.25 pp | +125 bps |
| 1992 | 3.00% | 3.25% | -0.25 pp | -25 bps |
| 1991 | 4.00% | 4.50% | -0.50 pp | -50 bps |
| 1990 | 7.00% | 6.00% | +1.00 pp | +100 bps |
| 1989 | 8.25% | 4.25% | +4.00 pp | +400 bps |
| 1988 | 8.69% | 2.50% | +6.19 pp | +619 bps |
| 1987 | 6.81% | 2.50% | +4.31 pp | +431 bps |
| 1986 | 5.88% | 3.00% | +2.88 pp | +288 bps |
| 1985 | 7.75% | 5.00% | +2.75 pp | +275 bps |
| 1984 | 8.74% | 5.00% | +3.74 pp | +374 bps |
| 1983 | 9.92% | 5.00% | +4.92 pp | +492 bps |
| 1982 | 11.20% | 5.50% | +5.70 pp | +570 bps |
| 1981 | 13.13% | 5.50% | +7.63 pp | +763 bps |
| 1980 | 22.00% | 7.25% | +14.75 pp | +1475 bps |
| 1979 | 14.77% | 6.25% | +8.52 pp | +852 bps |
| 1978 | 10.84% | 3.50% | +7.34 pp | +734 bps |
| 1977 | 6.53% | 4.25% | +2.28 pp | +228 bps |
| 1976 | 4.17% | 6.50% | -2.33 pp | -233 bps |
| 1975 | 5.37% | 6.50% | -1.13 pp | -113 bps |
| 1974 | 3.87% | 9.00% | -5.13 pp | -513 bps |
| 1973 | 9.83% | 9.00% | +0.83 pp | +83 bps |
| 1972 | 5.50% | 4.25% | +1.25 pp | +125 bps |
| 1971 | 3.00% | 4.75% | -1.75 pp | -175 bps |
| 1970 | 3.00% | 6.00% | -3.00 pp | -300 bps |
| 1969 | 5.00% | 6.25% | -1.25 pp | -125 bps |
| 1968 | 4.00% | 5.84% | -1.84 pp | -184 bps |
| 1967 | 4.50% | 5.84% | -1.34 pp | -134 bps |
| 1966 | 5.00% | 5.48% | -0.48 pp | -48 bps |
| 1965 | 4.63% | 5.48% | -0.85 pp | -85 bps |
| 1964 | 4.00% | 6.57% | -2.57 pp | -257 bps |
| 1963 | 3.25% | 5.84% | -2.59 pp | -259 bps |
| 1962 | 3.00% | 6.57% | -3.57 pp | -357 bps |
| 1961 | 2.50% | 7.30% | -4.80 pp | -480 bps |
| 1960 | 3.00% | 6.94% | -3.94 pp | -394 bps |
| 1959 | 4.00% | 7.30% | -3.30 pp | -330 bps |
| 1958 | 2.38% | 7.30% | -4.92 pp | -492 bps |
| 1957 | 3.00% | 8.40% | -5.40 pp | -540 bps |
| 1956 | 3.00% | 7.30% | -4.30 pp | -430 bps |
| 1955 | 2.50% | 7.30% | -4.80 pp | -480 bps |
| 1954 | 1.44% | 5.84% | -4.40 pp | -440 bps |