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BoJ Interest Rate Decision
The Policy Board sets the short-term policy interest rate. The next decision is on Friday, October 30, 2026 at 12:00 PM Tokyo (time estimated); economists expect: hold at 1.25%.
BoJ interest rate decision on Oct 30, 2026
Bank of Japan · Policy Board
- Tokyo
- Fri, Oct 30 · 12:00 PM Tokyo
- New York
- Thu, Oct 29 · 11:00 PM EDT
- London
- Fri, Oct 30 · 3:00 AM London
- UTC
- Fri, Oct 30 · 3:00 AM UTC
- Your time
- 3:00 AM UTC
- Press conference
- 3:30 PM Tokyo
- Projections
- No projections this time
- Expected
- Hold at 1.25% · time estimated
Where to look, not a promise: most days one of the two plays and some days neither does. Levels from real 15-minute candles.
How USD/JPY reacts to the BoJ decision
Measured on one-minute candles, every decision since January 2025, the same way each time. How we measure.
In 11 of 14 measured BoJ decisions the first spike closed back inside the hour-before range within 60 minutes, and in 6 of those price then took the other side within four hours. In the other 3 (21%) the first move held. The median move in the first 15 minutes was 28 pips.
| Date | Decision | Against expected | Hour before | First side | Closed back | After 60 min |
|---|---|---|---|---|---|---|
| Sep 18, 2026 | ▲ hike 1.25% | as expected | 48 pips | ▲ 53 pips | No | +48 pips |
| Jul 31, 2026 | ■ hold 1.00% | as expected | 43 pips | ▲ 1.7 pips | 5 min | −16 pips |
| Jun 16, 2026 | ▲ hike 1.00% | as expected | 19 pips | ▲ 0.3 pips | 5 min | +5.4 pips |
| Apr 28, 2026 | ■ hold 0.75% | as expected | 7.6 pips | ▼ 51 pips | No | −44 pips |
| Mar 19, 2026 | ■ hold 0.75% | as expected | 13 pips | ▲ 3.0 pips | 5 min | +2.0 pips |
| Jan 23, 2026 | ■ hold 0.75% | as expected | 18 pips | ▲ 6.6 pips | 10 min | −5.4 pips |
| Dec 19, 2025 | ▲ hike 0.75% | as expected | 30 pips | ▲ 28 pips | 40 min | +25 pips |
| Oct 30, 2025 | ■ hold 0.50% | as expected | 58 pips | ▲ 40 pips | 60 min | +2.0 pips |
| Sep 19, 2025 | ■ hold 0.50% | as expected | 53 pips | ▼ 12 pips | 5 min | −1.1 pips |
| Jul 31, 2025 | ■ hold 0.50% | as expected | 24 pips | ▼ 22 pips | 15 min | −26 pips |
| Jun 17, 2025 | ■ hold 0.50% | as expected | 30 pips | ▼ 7.4 pips | 10 min | −38 pips |
| May 1, 2025 | ■ hold 0.50% | as expected | 23 pips | ▲ 58 pips | No | +57 pips |
| Mar 19, 2025 | ■ hold 0.50% | as expected | 29 pips | ▼ 9.0 pips | 5 min | +1.0 pips |
| Jan 24, 2025 | ▲ hike 0.50% | as expected | 46 pips | ▲ 15 pips | 5 min | −95 pips |
Counts include the decisions where the first spike did not close back. Up and down are the pair USD/JPY. Past reactions describe what happened; they are not a forecast.
BoJ rate decisions since 2024
Every BoJ decision on the short-term policy interest rate since 2024, newest first. Between -0.10% and 1.25% over the period. The full BoJ rate history since 2008 has every decision, the cycles and a CSV.
| Date | Decision | Rate | Expected | Previous | Change |
|---|---|---|---|---|---|
| Sep 18, 2026 | ▲ hike | 1.25% | Hike 25 bp to 1.25% | 1.00% | +25 bp |
| Jul 31, 2026 | ■ hold | 1.00% | Hold at 1.00% | 1.00% | 0 bp |
| Jun 16, 2026 | ▲ hike | 1.00% | Hike 25 bp to 1.00% | 0.75% | +25 bp |
| Apr 28, 2026 | ■ hold | 0.75% | Hold at 0.75% | 0.75% | 0 bp |
| Mar 19, 2026 | ■ hold | 0.75% | Hold at 0.75% | 0.75% | 0 bp |
| Jan 23, 2026 | ■ hold | 0.75% | Hold at 0.75% | 0.75% | 0 bp |
| Dec 19, 2025 | ▲ hike | 0.75% | Hike 25 bp to 0.75% | 0.50% | +25 bp |
| Oct 30, 2025 | ■ hold | 0.50% | Hold at 0.50% | 0.50% | 0 bp |
| Sep 19, 2025 | ■ hold | 0.50% | Hold at 0.50% | 0.50% | 0 bp |
| Jul 31, 2025 | ■ hold | 0.50% | Hold at 0.50% | 0.50% | 0 bp |
| Jun 17, 2025 | ■ hold | 0.50% | Hold at 0.50% | 0.50% | 0 bp |
| May 1, 2025 | ■ hold | 0.50% | Hold at 0.50% | 0.50% | 0 bp |
| Mar 19, 2025 | ■ hold | 0.50% | Hold at 0.50% | 0.50% | 0 bp |
| Jan 24, 2025 | ▲ hike | 0.50% | Hike 25 bp to 0.50% | 0.25% | +25 bp |
| Dec 19, 2024 | ■ hold | 0.25% | Hold at 0.25% | 0.25% | 0 bp |
| Oct 31, 2024 | ■ hold | 0.25% | Hold at 0.25% | 0.25% | 0 bp |
| Sep 20, 2024 | ■ hold | 0.25% | — | 0.25% | 0 bp |
| Jul 31, 2024 | ▲ hike | 0.25% | Cut 10 bp to 0.00% | 0.10% | +15 bp |
| Jun 14, 2024 | ■ hold | 0.10% | — | 0.10% | 0 bp |
| Apr 26, 2024 | ■ hold | 0.10% | Cut 10 bp to 0.00% | 0.10% | 0 bp |
| Mar 19, 2024 | ▲ hike | 0.10% | Hike 10 bp to 0.00% | -0.10% | +20 bp |
| Jan 23, 2024 | ■ hold | -0.10% | Hold at -0.10% | -0.10% | 0 bp |
How the Policy Board decides
Bank of Japan · Japan
- Meetings
- Eight two-day Monetary Policy Meetings a year.
- Announcement
- There is no fixed time: the statement comes out when the meeting ends, usually around midday Tokyo time (about 03:00 UTC). Times shown for the BoJ are estimates until it lands.
- Press conference
- The Governor's press conference is usually at 3:30 pm Tokyo time.
- Projections
- In January, April, July and October the decision comes with the Outlook for Economic Activity and Prices.
- Who votes
- Nine members: the Governor, two Deputy Governors and six other members.
Check times against the bank's own calendar.
- The decision against what was expected; the BoJ has surprised markets more often than most banks.
- Dissents and the wording on future hikes.
- The Governor's press conference in the Tokyo afternoon, often a second move in USDJPY.
- Comments on the yen: intervention risk changes how far USDJPY is allowed to run.
Which way USD/JPY moves. JPY is the second currency in USD/JPY, so a hawkish surprise (a bigger hike, a smaller cut, a hold when a cut was expected) tends to push USD/JPY down, and a dovish one to push it up.
BoJ meeting dates 2026 and 2027
Every upcoming BoJ interest rate decision. Times in Tokyo and New York; your own time is on each decision's page. By year: BoJ meeting dates 2025 · BoJ meeting dates 2026 · BoJ meeting dates 2027.
| Date | Tokyo time | New York | Expected | With projections | |
|---|---|---|---|---|---|
| Fri, Oct 30, 2026 | 12:00 PM Tokyo est. | Thu, Oct 29 · 11:00 PM EDT | Hold at 1.25% | — | Preview → |
| Fri, Dec 18, 2026 | 12:00 PM Tokyo est. | Thu, Dec 17 · 10:00 PM EST | Not yet | — | Preview → |
| Fri, Jan 22, 2027 | 12:00 PM Tokyo est. | Thu, Jan 21 · 10:00 PM EST | Not yet | — | Preview → |
| Thu, Mar 18, 2027 | 12:00 PM Tokyo est. | Wed, Mar 17 · 11:00 PM EDT | Not yet | — | |
| Wed, Apr 28, 2027 | 12:00 PM Tokyo est. | Tue, Apr 27 · 11:00 PM EDT | Not yet | — | |
| Fri, Jun 11, 2027 | 12:00 PM Tokyo est. | Thu, Jun 10 · 11:00 PM EDT | Not yet | — | |
| Thu, Jul 22, 2027 | 12:00 PM Tokyo est. | Wed, Jul 21 · 11:00 PM EDT | Not yet | — | |
| Wed, Sep 22, 2027 | 12:00 PM Tokyo est. | Tue, Sep 21 · 11:00 PM EDT | Not yet | — | |
| Fri, Oct 29, 2027 | 12:00 PM Tokyo est. | Thu, Oct 28 · 11:00 PM EDT | Not yet | — | |
| Fri, Dec 17, 2027 | 12:00 PM Tokyo est. | Thu, Dec 16 · 10:00 PM EST | Not yet | — |
BoJ interest rate decision: questions
What time is the Bank of Japan decision?
There is no fixed time. The statement is released when the meeting ends, usually around midday in Tokyo, about 03:00 UTC.
When is the next BoJ meeting?
The next BoJ interest rate decision is on Friday, October 30, 2026 at 12:00 PM Tokyo, with the press conference at 3:30 PM Tokyo. Times are in Tokyo time; the meeting dates below give the rest of the schedule.
What is the BoJ interest rate now?
The short-term policy interest rate is 1.25%. The last change was an increase of 25 bp on Sep 18, 2026.
How does the BoJ decision move USD/JPY?
In 11 of 14 measured BoJ decisions the first spike closed back inside the hour-before range within 60 minutes, and in 6 of those price then took the other side within four hours. In the other 3 (21%) the first move held. The median move in the first 15 minutes was 28 pips. JPY is the second currency in USD/JPY, so a hawkish surprise (a bigger hike, a smaller cut, a hold when a cut was expected) tends to push USD/JPY down, and a dovish one to push it up. Past reactions describe what happened, not what will.
Learn the read behind every projection.
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