Japan interest rate

Bank of Japan

Policy rate: 1.00%; Sep 22, 2026
Last move: +0.25 pt; Jun 2026
Inflation: 1.7%; Jun 2026
10-year bond yield: 2.94%; Aug 2026

The policy rate set by the Bank of Japan is 1.00% as of Sep 22, 2026. Its most recent move: it raised its rate from 0.75% to 1.00% (Jun 2026). The rate is 0.50 percentage points higher than a year earlier. With consumer prices up 1.7% over the 12 months to Jun 2026, the real rate (policy rate minus inflation) is −0.7%: borrowing costs are below inflation.

Policy rate over the past two years

Sep 22, 2026: 1.00%

Rate changes

When	Decision	From	To	Change
Jun 2026	Hike	0.75%	1.00%	+0.25 pt
Dec 2025	Hike	0.50%	0.75%	+0.25 pt
Jan 2025	Hike	0.25%	0.50%	+0.25 pt

Changes between month-end rates, plus the latest daily reading. Two decisions in one month show up as a single change.

Inflation (% vs a year earlier)

Jun 2026: 1.7%

10-year government bond yield

Aug 2026: 2.94%

Other central banks in Asia

Source: BIS; inflation: IMF CPI; bond yield: OECD. Updated daily. All central bank rates · Japan economy dashboard