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MONTHLY · BIS · Bank of Japan

Japan interest rate

1.25 % +25.00% day

The Bank of Japan's policy rate, the target for overnight lending between banks in yen. Decades near zero made the yen the world's cheap funding currency, so a change here moves borrowing costs far beyond Japan.

Sep 2026 · 1.25 % · +400.0% vs the window’s open

BIS · Bank of Japan · monthly
the numbers24
whenvaluechange
Oct 2024low0.25 %
Nov 20240.25 %0.0%
Dec 20240.25 %0.0%
Jan 20250.50 %+100.0%
Feb 20250.50 %0.0%
Mar 20250.50 %0.0%
Apr 20250.50 %0.0%
May 20250.50 %0.0%
Jun 20250.50 %0.0%
Jul 20250.50 %0.0%
Aug 20250.50 %0.0%
Sep 20250.50 %0.0%
Oct 20250.50 %0.0%
Nov 20250.50 %0.0%
Dec 20250.75 %+50.0%
Jan 20260.75 %0.0%
Feb 20260.75 %0.0%
Mar 20260.75 %0.0%
Apr 20260.75 %0.0%
May 20260.75 %0.0%
Jun 20261.00 %+33.3%
Jul 20261.00 %0.0%
Aug 20261.00 %0.0%
Sep 2026latest1.25 %+25.0%

Lately

Hedge funds are rebuilding short bets against the yen, the currency this rate most directly supports. Nothing else in the fortnight's news bears on the rate, and that positioning does not account for where it stands.