Bank of Japan Interest Rate History
The Bank of Japan's short-term policy interest rate is 1.25% after the decision of Sep 18, 2026. The calendar lists 194 BoJ decisions since Jan 22, 2008: 6 hikes, 3 cuts and 185 holds; the last change was +25 bp on Sep 18, 2026.
Rate now1.25%short-term policy interest rate
Last change+25 bpSep 18, 2026
Since 20086▲ 3▼hikes and cuts in 194 decisions
Range-0.10% to 1.25%lowest to highest
The chart
Bank of Japan Interest Rate since 2008
Each step is a decision. Shaded: the hiking cycles in red and the cutting cycles in green.
Cycles
BoJ hiking and cutting cycles since 2008
A cycle is a run of moves in one direction, with holds between them; a move the other way starts the next.
| Cycle | From | To | Moves | In all | Rate |
|---|---|---|---|---|---|
| ▲ Hiking latest | Mar 19, 2024 | Sep 18, 2026 | 6 | +135 bp | -0.10% → 1.25% |
| ▼ Cutting | Oct 31, 2008 | Jan 29, 2016 | 3 | −60 bp | 0.50% → -0.10% |
By year
Bank of Japan Interest Rate by year
How many times the BoJ met in each year, what it did, and where the rate ended the year.
| Year | Decisions | Hikes | Cuts | Holds | Net change | Year end |
|---|---|---|---|---|---|---|
| 2026 so far | 6 | 2 | — | 4 | +50 bp | 1.25% |
| 2025 | 8 | 2 | — | 6 | +50 bp | 0.75% |
| 2024 | 8 | 2 | — | 6 | +35 bp | 0.25% |
| 2023 | 8 | — | — | 8 | 0 bp | -0.10% |
| 2022 | 8 | — | — | 8 | 0 bp | -0.10% |
| 2021 | 8 | — | — | 8 | 0 bp | -0.10% |
| 2020 | 9 | — | — | 9 | 0 bp | -0.10% |
| 2019 | 8 | — | — | 8 | 0 bp | -0.10% |
| 2018 | 8 | — | — | 8 | 0 bp | -0.10% |
| 2017 | 8 | — | — | 8 | 0 bp | -0.10% |
| 2016 | 8 | — | 1 | 7 | −20 bp | -0.10% |
| 2015 | 10 | — | — | 10 | 0 bp | 0.10% |
| 2014 | 13 | — | — | 13 | 0 bp | 0.10% |
| 2013 | 14 | — | — | 14 | 0 bp | 0.10% |
| 2012 | 14 | — | — | 14 | 0 bp | 0.10% |
| 2011 | 14 | — | — | 14 | 0 bp | 0.10% |
| 2010 | 14 | — | — | 14 | 0 bp | 0.10% |
| 2009 | 14 | — | — | 14 | 0 bp | 0.10% |
| 2008 | 14 | — | 2 | 12 | −40 bp | 0.10% |
Records
The BoJ's records since 2008
Highest1.25%first set Sep 18, 2026
Lowest-0.10%first set Jan 29, 2016
Biggest move+25 bpJan 24, 2025, to 0.50%
Longest hold93decisions in a row with no change, Jan 22, 2009 to Dec 18, 2015
Against the consensus144/149matched it; 4 came out above (hawkish), 1 below (dovish)
Every decision
Every BoJ interest rate decision since 2008
Newest first. The decisions since 2025 open on their own page, with the minutes of price around them.
| Date | Decision | Rate | Change | Expected |
|---|---|---|---|---|
| Sep 18, 2026 | ▲ hike | 1.25% | +25 bp | 1.25% |
| Jul 31, 2026 | ■ hold | 1.00% | 0 bp | 1.00% |
| Jun 16, 2026 | ▲ hike | 1.00% | +25 bp | 1.00% |
| Apr 28, 2026 | ■ hold | 0.75% | 0 bp | 0.75% |
| Mar 19, 2026 | ■ hold | 0.75% | 0 bp | 0.75% |
| Jan 23, 2026 | ■ hold | 0.75% | 0 bp | 0.75% |
| Dec 19, 2025 | ▲ hike | 0.75% | +25 bp | 0.75% |
| Oct 30, 2025 | ■ hold | 0.50% | 0 bp | 0.50% |
| Sep 19, 2025 | ■ hold | 0.50% | 0 bp | 0.50% |
| Jul 31, 2025 | ■ hold | 0.50% | 0 bp | 0.50% |
| Jun 17, 2025 | ■ hold | 0.50% | 0 bp | 0.50% |
| May 1, 2025 | ■ hold | 0.50% | 0 bp | 0.50% |
| Mar 19, 2025 | ■ hold | 0.50% | 0 bp | 0.50% |
| Jan 24, 2025 | ▲ hike | 0.50% | +25 bp | 0.50% |
| Dec 19, 2024 | ■ hold | 0.25% | 0 bp | 0.25% |
| Oct 31, 2024 | ■ hold | 0.25% | 0 bp | 0.25% |
| Sep 20, 2024 | ■ hold | 0.25% | 0 bp | — |
| Jul 31, 2024 | ▲ hike | 0.25% | +15 bp | 0.00% |
| Jun 14, 2024 | ■ hold | 0.10% | 0 bp | — |
| Apr 26, 2024 | ■ hold | 0.10% | 0 bp | 0.00% |
| Mar 19, 2024 | ▲ hike | 0.10% | +20 bp | 0.00% |
| Jan 23, 2024 | ■ hold | -0.10% | 0 bp | -0.10% |
| Dec 19, 2023 | ■ hold | -0.10% | 0 bp | -0.10% |
| Oct 31, 2023 | ■ hold | -0.10% | 0 bp | -0.10% |
| Sep 22, 2023 | ■ hold | -0.10% | 0 bp | -0.10% |
| Jul 28, 2023 | ■ hold | -0.10% | 0 bp | -0.10% |
| Jun 16, 2023 | ■ hold | -0.10% | 0 bp | -0.10% |
| Apr 28, 2023 | ■ hold | -0.10% | 0 bp | -0.10% |
| Mar 10, 2023 | ■ hold | -0.10% | 0 bp | -0.10% |
| Jan 18, 2023 | ■ hold | -0.10% | 0 bp | — |
| Dec 20, 2022 | ■ hold | -0.10% | 0 bp | — |
| Oct 28, 2022 | ■ hold | -0.10% | 0 bp | -0.10% |
| Sep 22, 2022 | ■ hold | -0.10% | 0 bp | -0.10% |
| Jul 21, 2022 | ■ hold | -0.10% | 0 bp | -0.10% |
| Jun 17, 2022 | ■ hold | -0.10% | 0 bp | -0.10% |
| Apr 28, 2022 | ■ hold | -0.10% | 0 bp | -0.10% |
| Mar 18, 2022 | ■ hold | -0.10% | 0 bp | -0.10% |
| Jan 18, 2022 | ■ hold | -0.10% | 0 bp | -0.10% |
| Dec 17, 2021 | ■ hold | -0.10% | 0 bp | -0.10% |
| Oct 28, 2021 | ■ hold | -0.10% | 0 bp | -0.10% |
| Sep 22, 2021 | ■ hold | -0.10% | 0 bp | — |
| Jul 16, 2021 | ■ hold | -0.10% | 0 bp | -0.10% |
| Jun 18, 2021 | ■ hold | -0.10% | 0 bp | -0.10% |
| Apr 27, 2021 | ■ hold | -0.10% | 0 bp | -0.10% |
| Mar 19, 2021 | ■ hold | -0.10% | 0 bp | -0.10% |
| Jan 21, 2021 | ■ hold | -0.10% | 0 bp | -0.10% |
| Dec 18, 2020 | ■ hold | -0.10% | 0 bp | -0.10% |
| Oct 29, 2020 | ■ hold | -0.10% | 0 bp | -0.10% |
| Sep 17, 2020 | ■ hold | -0.10% | 0 bp | -0.10% |
| Jul 15, 2020 | ■ hold | -0.10% | 0 bp | -0.10% |
| Jun 16, 2020 | ■ hold | -0.10% | 0 bp | — |
| May 22, 2020 | ■ hold | -0.10% | 0 bp | — |
| Apr 27, 2020 | ■ hold | -0.10% | 0 bp | -0.10% |
| Mar 16, 2020 | ■ hold | -0.10% | 0 bp | -0.10% |
| Jan 21, 2020 | ■ hold | -0.10% | 0 bp | -0.10% |
| Dec 19, 2019 | ■ hold | -0.10% | 0 bp | -0.10% |
| Oct 31, 2019 | ■ hold | -0.10% | 0 bp | -0.10% |
| Sep 19, 2019 | ■ hold | -0.10% | 0 bp | -0.10% |
| Jul 30, 2019 | ■ hold | -0.10% | 0 bp | -0.10% |
| Jun 20, 2019 | ■ hold | -0.10% | 0 bp | -0.10% |
| Apr 25, 2019 | ■ hold | -0.10% | 0 bp | -0.10% |
| Mar 15, 2019 | ■ hold | -0.10% | 0 bp | -0.10% |
| Jan 23, 2019 | ■ hold | -0.10% | 0 bp | -0.10% |
| Dec 20, 2018 | ■ hold | -0.10% | 0 bp | -0.10% |
| Oct 31, 2018 | ■ hold | -0.10% | 0 bp | — |
| Sep 19, 2018 | ■ hold | -0.10% | 0 bp | -0.10% |
| Jul 31, 2018 | ■ hold | -0.10% | 0 bp | -0.10% |
| Jun 15, 2018 | ■ hold | -0.10% | 0 bp | -0.10% |
| Apr 27, 2018 | ■ hold | -0.10% | 0 bp | -0.10% |
| Mar 9, 2018 | ■ hold | -0.10% | 0 bp | -0.10% |
| Jan 23, 2018 | ■ hold | -0.10% | 0 bp | -0.10% |
| Dec 21, 2017 | ■ hold | -0.10% | 0 bp | -0.10% |
| Oct 31, 2017 | ■ hold | -0.10% | 0 bp | -0.10% |
| Sep 21, 2017 | ■ hold | -0.10% | 0 bp | -0.10% |
| Jul 20, 2017 | ■ hold | -0.10% | 0 bp | -0.10% |
| Jun 16, 2017 | ■ hold | -0.10% | 0 bp | -0.10% |
| Apr 27, 2017 | ■ hold | -0.10% | 0 bp | -0.10% |
| Mar 16, 2017 | ■ hold | -0.10% | 0 bp | -0.10% |
| Jan 31, 2017 | ■ hold | -0.10% | 0 bp | -0.10% |
| Dec 20, 2016 | ■ hold | -0.10% | 0 bp | -0.10% |
| Nov 1, 2016 | ■ hold | -0.10% | 0 bp | -0.10% |
| Sep 21, 2016 | ■ hold | -0.10% | 0 bp | -0.10% |
| Jul 29, 2016 | ■ hold | -0.10% | 0 bp | -0.20% |
| Jun 16, 2016 | ■ hold | -0.10% | 0 bp | -0.10% |
| Apr 28, 2016 | ■ hold | -0.10% | 0 bp | — |
| Mar 15, 2016 | ■ hold | -0.10% | 0 bp | -0.10% |
| Jan 29, 2016 | ▼ cut | -0.10% | −20 bp | — |
| Dec 18, 2015 | ■ hold | 0.10% | 0 bp | — |
| Nov 19, 2015 | ■ hold | 0.10% | 0 bp | — |
| Oct 30, 2015 | ■ hold | 0.10% | 0 bp | — |
| Oct 7, 2015 | ■ hold | 0.10% | 0 bp | — |
| Sep 15, 2015 | ■ hold | 0.10% | 0 bp | 0.10% |
| Aug 7, 2015 | ■ hold | 0.10% | 0 bp | — |
| Jul 14, 2015 | ■ hold | 0.10% | 0 bp | — |
| Jun 18, 2015 | ■ hold | 0.10% | 0 bp | — |
| May 21, 2015 | ■ hold | 0.10% | 0 bp | — |
| Apr 30, 2015 | ■ hold | 0.10% | 0 bp | — |
| Dec 19, 2014 | ■ hold | 0.10% | 0 bp | — |
| Nov 19, 2014 | ■ hold | 0.10% | 0 bp | — |
| Oct 31, 2014 | ■ hold | 0.10% | 0 bp | — |
| Oct 7, 2014 | ■ hold | 0.10% | 0 bp | — |
| Sep 4, 2014 | ■ hold | 0.10% | 0 bp | — |
| Aug 8, 2014 | ■ hold | 0.10% | 0 bp | — |
| Jul 15, 2014 | ■ hold | 0.10% | 0 bp | — |
| Jun 13, 2014 | ■ hold | 0.10% | 0 bp | 0.10% |
| May 21, 2014 | ■ hold | 0.10% | 0 bp | — |
| Apr 30, 2014 | ■ hold | 0.10% | 0 bp | — |
| Apr 8, 2014 | ■ hold | 0.10% | 0 bp | — |
| Mar 11, 2014 | ■ hold | 0.10% | 0 bp | — |
| Jan 22, 2014 | ■ hold | 0.10% | 0 bp | — |
| Dec 20, 2013 | ■ hold | 0.10% | 0 bp | — |
| Nov 21, 2013 | ■ hold | 0.10% | 0 bp | — |
| Oct 31, 2013 | ■ hold | 0.10% | 0 bp | — |
| Oct 4, 2013 | ■ hold | 0.10% | 0 bp | 0.10% |
| Sep 5, 2013 | ■ hold | 0.10% | 0 bp | 0.10% |
| Aug 8, 2013 | ■ hold | 0.10% | 0 bp | — |
| Jul 11, 2013 | ■ hold | 0.10% | 0 bp | — |
| Jun 11, 2013 | ■ hold | 0.10% | 0 bp | 0.10% |
| May 22, 2013 | ■ hold | 0.10% | 0 bp | 0.10% |
| Apr 26, 2013 | ■ hold | 0.10% | 0 bp | 0.10% |
| Apr 4, 2013 | ■ hold | 0.10% | 0 bp | 0.10% |
| Mar 7, 2013 | ■ hold | 0.10% | 0 bp | 0.10% |
| Feb 14, 2013 | ■ hold | 0.10% | 0 bp | — |
| Jan 22, 2013 | ■ hold | 0.10% | 0 bp | 0.10% |
| Dec 20, 2012 | ■ hold | 0.10% | 0 bp | 0.10% |
| Nov 20, 2012 | ■ hold | 0.10% | 0 bp | 0.10% |
| Oct 30, 2012 | ■ hold | 0.10% | 0 bp | 0.10% |
| Oct 5, 2012 | ■ hold | 0.10% | 0 bp | 0.10% |
| Sep 19, 2012 | ■ hold | 0.10% | 0 bp | 0.10% |
| Aug 9, 2012 | ■ hold | 0.10% | 0 bp | 0.10% |
| Jul 12, 2012 | ■ hold | 0.10% | 0 bp | 0.10% |
| Jun 15, 2012 | ■ hold | 0.10% | 0 bp | 0.10% |
| May 23, 2012 | ■ hold | 0.10% | 0 bp | 0.10% |
| Apr 27, 2012 | ■ hold | 0.10% | 0 bp | 0.10% |
| Apr 10, 2012 | ■ hold | 0.10% | 0 bp | 0.10% |
| Mar 13, 2012 | ■ hold | 0.10% | 0 bp | 0.10% |
| Feb 14, 2012 | ■ hold | 0.10% | 0 bp | 0.10% |
| Jan 24, 2012 | ■ hold | 0.10% | 0 bp | 0.10% |
| Dec 21, 2011 | ■ hold | 0.10% | 0 bp | — |
| Nov 16, 2011 | ■ hold | 0.10% | 0 bp | 0.10% |
| Oct 27, 2011 | ■ hold | 0.10% | 0 bp | 0.10% |
| Oct 7, 2011 | ■ hold | 0.10% | 0 bp | 0.10% |
| Sep 7, 2011 | ■ hold | 0.10% | 0 bp | 0.10% |
| Aug 4, 2011 | ■ hold | 0.10% | 0 bp | 0.10% |
| Jul 12, 2011 | ■ hold | 0.10% | 0 bp | 0.10% |
| Jun 14, 2011 | ■ hold | 0.10% | 0 bp | 0.10% |
| May 20, 2011 | ■ hold | 0.10% | 0 bp | 0.10% |
| Apr 28, 2011 | ■ hold | 0.10% | 0 bp | 0.10% |
| Apr 7, 2011 | ■ hold | 0.10% | 0 bp | 0.10% |
| Mar 14, 2011 | ■ hold | 0.10% | 0 bp | 0.10% |
| Feb 15, 2011 | ■ hold | 0.10% | 0 bp | 0.10% |
| Jan 25, 2011 | ■ hold | 0.10% | 0 bp | 0.10% |
| Dec 21, 2010 | ■ hold | 0.10% | 0 bp | 0.10% |
| Nov 5, 2010 | ■ hold | 0.10% | 0 bp | — |
| Oct 28, 2010 | ■ hold | 0.10% | 0 bp | 0.10% |
| Oct 5, 2010 | ■ hold | 0.10% | 0 bp | 0.10% |
| Sep 7, 2010 | ■ hold | 0.10% | 0 bp | 0.10% |
| Aug 10, 2010 | ■ hold | 0.10% | 0 bp | — |
| Jul 15, 2010 | ■ hold | 0.10% | 0 bp | 0.10% |
| Jun 15, 2010 | ■ hold | 0.10% | 0 bp | 0.10% |
| May 21, 2010 | ■ hold | 0.10% | 0 bp | — |
| Apr 30, 2010 | ■ hold | 0.10% | 0 bp | 0.10% |
| Apr 7, 2010 | ■ hold | 0.10% | 0 bp | 0.10% |
| Mar 17, 2010 | ■ hold | 0.10% | 0 bp | 0.10% |
| Feb 18, 2010 | ■ hold | 0.10% | 0 bp | 0.10% |
| Jan 26, 2010 | ■ hold | 0.10% | 0 bp | 0.10% |
| Dec 18, 2009 | ■ hold | 0.10% | 0 bp | 0.10% |
| Nov 20, 2009 | ■ hold | 0.10% | 0 bp | 0.10% |
| Oct 30, 2009 | ■ hold | 0.10% | 0 bp | 0.10% |
| Oct 14, 2009 | ■ hold | 0.10% | 0 bp | 0.10% |
| Sep 17, 2009 | ■ hold | 0.10% | 0 bp | 0.10% |
| Aug 11, 2009 | ■ hold | 0.10% | 0 bp | 0.10% |
| Jul 15, 2009 | ■ hold | 0.10% | 0 bp | 0.10% |
| Jun 16, 2009 | ■ hold | 0.10% | 0 bp | 0.10% |
| May 22, 2009 | ■ hold | 0.10% | 0 bp | 0.10% |
| Apr 30, 2009 | ■ hold | 0.10% | 0 bp | 0.10% |
| Apr 7, 2009 | ■ hold | 0.10% | 0 bp | 0.10% |
| Mar 18, 2009 | ■ hold | 0.10% | 0 bp | 0.10% |
| Feb 19, 2009 | ■ hold | 0.10% | 0 bp | 0.10% |
| Jan 22, 2009 | ■ hold | 0.10% | 0 bp | 0.10% |
| Dec 19, 2008 | ▼ cut | 0.10% | −20 bp | 0.10% |
| Dec 2, 2008 | ■ hold | 0.30% | 0 bp | 0.30% |
| Nov 21, 2008 | ■ hold | 0.30% | 0 bp | — |
| Oct 31, 2008 | ▼ cut | 0.30% | −20 bp | 0.50% |
| Oct 14, 2008 | ■ hold | 0.50% | 0 bp | — |
| Oct 7, 2008 | ■ hold | 0.50% | 0 bp | — |
| Aug 19, 2008 | ■ hold | 0.50% | 0 bp | 0.50% |
| Jul 15, 2008 | ■ hold | 0.50% | 0 bp | 0.50% |
| Jun 13, 2008 | ■ hold | 0.50% | 0 bp | 0.50% |
| Apr 30, 2008 | ■ hold | 0.50% | 0 bp | — |
| Apr 9, 2008 | ■ hold | 0.50% | 0 bp | 0.50% |
| Mar 7, 2008 | ■ hold | 0.50% | 0 bp | 0.50% |
| Feb 15, 2008 | ■ hold | 0.50% | 0 bp | 0.50% |
| Jan 22, 2008 | ■ hold | 0.50% | 0 bp | 0.50% |
Source: FXStreet's economic calendar, read automatically. Expected is the economists' consensus where one was published. Check a figure against the BoJ's own site before relying on it.
Questions
Bank of Japan Interest Rate history: questions
What is the BoJ interest rate now?
1.25%, set on Friday, September 18, 2026. The next decision is on Friday, October 30, 2026 at 12:00 PM Tokyo.
When did the BoJ last change interest rates?
On Sep 18, 2026, a hike of 25 bp to 1.25%.
What is the highest the short-term policy interest rate has been since 2008?
1.25%, first set on Sep 18, 2026. The lowest was -0.10%, first set on Jan 29, 2016.
How many times did the BoJ raise rates in its latest cycle?
6 times, +135 bp in all, from Mar 19, 2024 to Sep 18, 2026. The cutting cycle before it made 3 moves, −60 bp, from Oct 31, 2008 to Jan 29, 2016.
How often does the BoJ surprise the market?
Of the 149 BoJ decisions with a published consensus since Jan 22, 2008, 144 matched it, 4 came out above it (more hawkish than expected) and 1 below it (more dovish).
Where does this data come from?
FXStreet's economic calendar, read automatically and never typed by hand, and refreshed after every decision. The calendar misses a few meetings. Download it all as CSV.
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