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CONKLING KOPCIKECONOMICS
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Japan: Central bank policy rate

The central bank's main policy rate at the end of the month, as compiled by the Bank for International Settlements from the central banks' announcements (the midpoint of a target range; for euro-area members, the European Central Bank's rate).

Data status: Current
Official statisticSource figures as of October 16, 2026Sources & methods
Sources
Bank for International Settlements, from central banks
Period covered
Jan 1946 – Sep 2026
Source figures as of
October 16, 2026
Geography
Japan
Sector
Whole economy (not a single sector)
Seasonal adjustment
Not applicable
Transformations
Views other than the level (changes, averages, volatility) are calculated by CK Economics from these figures
Revisions
Replaced with the source’s latest figures whenever it revises them.
Data status
Current

Full method · Research standards

Key figures

CK estimate% per year · calculated by CK Economics from Bank for International Settlements data

Latest · Sep 2026
1.25
+0.8 pp vs a year earlier1
5-year change
+1.4 pp
since Sep 20212
10-year change
+1.4 pp
since Sep 20162
Record high
9
Dec 1973 (and 20 other periods)3
Record low
−0.1
Sep 2016 (and 89 other periods)3
Where the latest ranks
30th pct.
Higher than 30% of the other 852 observations since Jan 19464
  1. 1Latest observation against the observation one year earlier (for weekly data, the nearest within three days).
  2. 2Latest observation against the observation five and ten years earlier.
  3. 3Highest and lowest published observations across the full history shown.
  4. 4Share of the other published observations that are lower than the latest one, rounded down.

Methodology

The central bank's main policy rate at the end of the month, as compiled by the Bank for International Settlements from the central banks' announcements (the midpoint of a target range; for euro-area members, the European Central Bank's rate). Compiled by the BIS from the central banks' own announcements: each country's main policy rate at the end of the month. Euro-area members show the European Central Bank's rate (the deposit facility rate since September 2024, the main refinancing rate before), from 1999. For a target range (the U.S. federal funds rate), the BIS gives its midpoint. Source series WS_CBPOL:M.JP. Licence: BIS terms of permitted use of BIS statistics: unrestricted, with the BIS cited as the source (https://data.bis.org/help/legal).

How we collect, check and project every dataset →

Source

Bank for International Settlements, from central banks, Central bank policy rates (BIS, retrieved 2026-10-19). https://data.bis.org/topics/CBPOL/BIS%2CWS_CBPOL%2C1.0/M.JP

All data

853 observations, newest first · % per year

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PeriodValueChange y/y
Sep 20261.25+0.75 pp
Aug 20261+0.5 pp
Jul 20261+0.5 pp
Jun 20261+0.5 pp
May 20260.75+0.25 pp
Apr 20260.75+0.25 pp
Mar 20260.75+0.25 pp
Feb 20260.75+0.25 pp
Jan 20260.75+0.25 pp
Dec 20250.75+0.5 pp
Nov 20250.5+0.25 pp
Oct 20250.5+0.25 pp
Sep 20250.5+0.25 pp
Aug 20250.5+0.25 pp
Jul 20250.5+0.45 pp
Jun 20250.5+0.45 pp
May 20250.5+0.45 pp
Apr 20250.5+0.45 pp
Mar 20250.5+0.45 pp
Feb 20250.5+0.6 pp
Jan 20250.5+0.6 pp
Dec 20240.25+0.35 pp
Nov 20240.25+0.35 pp
Oct 20240.25+0.35 pp