01
1999–2000
Zero Interest Rate Policy
The BoJ pushed the overnight call rate effectively to zero in response to deflationary pressure.
JP
BONDSTATS / BOJ
OFFICIAL-SOURCE ARCHIVE
Japan · JPY · MONETARY POLICY
Bank of Japan
Interest Rate History
Japan’s framework cannot be represented by one continuous rate alone. The BoJ used zero-rate policy, quantitative easing, QQE, negative rates and yield-curve control before returning in 2024 to a short-term money-market rate guideline. BondStats therefore treats pre-2024 entries as regime markers rather than pretending they form a fully comparable single-rate series.
CURRENT PHASEPolicy normalization
LATEST RATE MOVE+25 bp · effective Jun 17, 2026
HISTORY LOW*-0.10%
HISTORY HIGH*1.00%
LARGEST MOVE*+25 bp
01
Policy-rate path
*Statistics refer to the selected points displayed in this BondStats archive, not necessarily the bank’s all-time extremes.
Modern short-rate changes plus major unconventional-policy transition points. Pre-2024 values are framework markers where noted.4 displayed rate changes
02
Policy regime timeline
02
2001–2006
Quantitative easing
The operating target shifted from an interest rate to current-account balances at the BoJ.
03
2013–2016
QQE
Large-scale asset purchases and a monetary-base expansion target became the core framework.
04
2016–2024
Negative rates and Yield Curve Control
A −0.10% short-rate setting operated alongside a target for the 10-year JGB yield.
05
2024–2026
Return to rate-based normalization
The BoJ ended QQE/YCC and progressively raised the overnight call-rate guideline to around 1.0%.
04
Rate-change archive
Latest first · selected official changes and major transition points
| Date | Policy rate / target | Move | Context |
|---|---|---|---|
| 2026-07-31 | Around 1.00% | Hold | Latest verified hold |
| 2026-06-16 | Around 1.00% | +25 bp | Effective June 17 |
| 2025-12-19 | Around 0.75% | +25 bp | Official rate change |
| 2025-01-24 | Around 0.50% | +25 bp | Official rate change |
| 2024-07-31 | Around 0.25% | +20 bp | Official rate change |
| 2024-03-19 | 0–0.10% | — | QQE/YCC framework ended; overnight rate again became operating target |
| 2016-09-21 | −0.10% + YCC | — | Yield Curve Control introduced |
| 2016-01-29 | −0.10% | — | Negative interest rate applied to policy-rate balances |
| 2013-04-04 | QQE | — | Quantitative and Qualitative Monetary Easing launched |
| 2001-03-19 | QE regime | — | Operating target shifted to current-account balances |
| 1999-02-12 | Near 0% | — | Zero Interest Rate Policy introduced |
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