Policy rate · BoJ
BoJ interest rate: 1.25%
Bank of Japan (Tokyo): current short-term policy rate, next meeting, what the market expects and recent decisions. Updated automatically.
Current rate
1.25%
short-term policy rate
Last move
—
official history unavailable
Next meeting
December 18, 2026
The market mostly expects a hike (92%)
What the market expects for the next meetings
Probabilities derived from short-term interest rate futures (data a few days old, read with caution).
| Meeting | Cut | Hold | Hike | Expected rate |
|---|---|---|---|---|
| December 18, 2026 | 0% | 8% | 92% | 1.48% |
| January 22, 2027 | 0% | 100% | 0% | 1.48% |
| March 18, 2027 | 0% | 0% | 100% | 1.73% |
| April 28, 2027 | 0% | 100% | 0% | 1.73% |
| June 11, 2027 | 0% | 100% | 0% | 1.73% |
| July 22, 2027 | 0% | 52% | 48% | 1.85% |
BoJ rate, in plain English
The short-term policy rate is the main tool of the Bank of Japan. The Bank of Japan sets it 8 times a year to steer inflation and growth: raising it cools the economy and inflation, cutting it stimulates them.
The Bank of Japan's decisions are among the releases that move the yen the most: before opening a position on a JPY pair, it helps to know when the next meeting is and what the market expects from it.
FAQ
- What is the Bank of Japan's interest rate today?
- The Bank of Japan's short-term policy rate is 1.25%.
- When is the Bank of Japan's next meeting?
- The Bank of Japan's next decision is due on December 18, 2026. The Bank of Japan meets 8 times a year to set its rate.
- How does the Bank of Japan's rate affect the yen?
- A higher rate pays more on yen deposits and tends to support it against other currencies; a cut does the opposite. What moves the price is not the decision itself but the gap between the decision and what the market expected.
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Get my free diagnosticOfficial sources: FRED (Federal Reserve Bank of St. Louis), ECB, Bank of England, Bank of Canada, Eurostat. This product uses the FRED® API but is not endorsed or certified by the Federal Reserve Bank of St. Louis.