Bank of Japan
Call rate target, 1.25% since 24 September 2026.
as of 30 Oct 2026 · own history joined to BIS · 195 decisions since 1882
Japan·JPY·all central banksLast
1.25%
24 September 2026
Previous
1.00%
17 June 2026
High since 1882
10.22%
11 October 1882
Low since 1882
-0.10%
21 September 2016
Meetings a year
8
scheduled next year
Next decision
18 December 2026
in 46 days
Every decision
Newest first; a shaded row marks a change of instrument.
| Date | Level | Change | Instrument |
|---|---|---|---|
| 2026-09-24 | 1.25% | +0.25% | Call rate target |
| 2026-06-17 | 1.00% | +0.25% | Call rate target |
| 2025-12-22 | 0.75% | +0.25% | Call rate target |
| 2025-01-27 | 0.50% | +0.25% | Call rate target |
| 2024-08-01 | 0.25% | +0.20% | Call rate target |
| 2024-03-21 | 0.05% | +0.15% | Call rate target |
| 2016-09-21 | -0.10% | −0.15% | Call rate target |
| 2010-10-05 | 0.05% | −0.05% | Call rate target |
| 2008-12-19 | 0.10% | −0.20% | Call rate target |
| 2008-10-31 | 0.30% | −0.20% | Call rate target |
| 2007-02-21 | 0.50% | +0.25% | Call rate target |
| 2006-07-14 | 0.25% | +0.25% | Call rate target |
| 2006-03-09 | 0.00% | −0.15% | Call rate target |
| 2001-02-28 | 0.15% | −0.10% | Call rate target |
| 1998-09-09 | 0.25% | −0.25% | Call rate target |
| 1995-09-09: The discount rate stopped moving with monetary policy after the 1995 easing cycle; from here the level is BIS Japan daily (uncollateralized overnight call rate target, later the BOJ policy rate under QQE/YCC). | |||
| 1995-09-08 | 0.50% | −0.50% | Official discount rate |
| 1995-04-14 | 1.00% | −0.75% | Official discount rate |
| 1993-09-21 | 1.75% | −0.75% | Official discount rate |
| 1993-02-04 | 2.50% | −0.75% | Official discount rate |
| 1992-07-27 | 3.25% | −0.50% | Official discount rate |
| 1992-04-01 | 3.75% | −0.75% | Official discount rate |
| 1991-12-30 | 4.50% | −0.50% | Official discount rate |
| 1991-11-14 | 5.00% | −0.50% | Official discount rate |
| 1991-07-01 | 5.50% | −0.50% | Official discount rate |
| 1990-08-30 | 6.00% | +0.75% | Official discount rate |
| 1990-03-20 | 5.25% | +1.00% | Official discount rate |
| 1989-12-25 | 4.25% | +0.50% | Official discount rate |
| 1989-10-11 | 3.75% | +0.50% | Official discount rate |
| 1989-05-31 | 3.25% | +0.75% | Official discount rate |
| 1987-02-23 | 2.50% | −0.50% | Official discount rate |
| 1986-11-01 | 3.00% | −0.50% | Official discount rate |
| 1986-04-21 | 3.50% | −0.50% | Official discount rate |
| 1986-03-10 | 4.00% | −0.50% | Official discount rate |
| 1986-01-30 | 4.50% | −0.50% | Official discount rate |
| 1983-10-22 | 5.00% | −0.50% | Official discount rate |
| 1981-12-11 | 5.50% | −0.75% | Official discount rate |
| 1981-03-18 | 6.25% | −1.00% | Official discount rate |
| 1980-11-06 | 7.25% | −1.00% | Official discount rate |
| 1980-08-20 | 8.25% | −0.75% | Official discount rate |
| 1980-03-19 | 9.00% | +1.75% | Official discount rate |
| 1980-02-19 | 7.25% | +1.00% | Official discount rate |
| 1979-11-02 | 6.25% | +1.00% | Official discount rate |
| 1979-07-24 | 5.25% | +1.00% | Official discount rate |
| 1979-04-17 | 4.25% | +0.75% | Official discount rate |
| 1978-03-16 | 3.50% | −0.75% | Official discount rate |
| 1977-09-05 | 4.25% | −0.75% | Official discount rate |
| 1977-04-19 | 5.00% | −1.00% | Official discount rate |
| 1977-03-12 | 6.00% | −0.50% | Official discount rate |
| 1975-10-24 | 6.50% | −1.00% | Official discount rate |
| 1975-08-13 | 7.50% | −0.50% | Official discount rate |
| 1975-06-07 | 8.00% | −0.50% | Official discount rate |
| 1975-04-16 | 8.50% | −0.50% | Official discount rate |
| 1973-12-22 | 9.00% | +2.00% | Official discount rate |
| 1973-08-29 | 7.00% | +1.00% | Official discount rate |
| 1973-07-02 | 6.00% | +0.50% | Official discount rate |
| 1973-05-30 | 5.50% | +0.50% | Official discount rate |
| 1973-04-02 | 5.00% | +0.75% | Official discount rate |
| 1972-06-24 | 4.25% | −0.50% | Official discount rate |
| 1971-12-29 | 4.75% | −0.50% | Official discount rate |
| 1971-07-28 | 5.25% | −0.25% | Official discount rate |
| 1971-05-08 | 5.50% | −0.25% | Official discount rate |
| 1971-01-20 | 5.75% | −0.25% | Official discount rate |
| 1970-10-28 | 6.00% | −0.25% | Official discount rate |
| 1969-09-01 | 6.25% | — | Official discount rate |
| 1969-09-01: Gap between two of the Bank's own release tables, 1968-08-08 to 1969-08-31 (not published in either). | |||
| 1968-08-07 | 5.84% | −0.37% | Official discount rate |
| 1968-01-06 | 6.21% | +0.37% | Official discount rate |
| 1967-09-01 | 5.84% | +0.36% | Official discount rate |
| 1965-06-26 | 5.48% | −0.36% | Official discount rate |
| 1965-04-03 | 5.84% | −0.37% | Official discount rate |
| 1965-01-09 | 6.21% | −0.36% | Official discount rate |
| 1964-03-18 | 6.57% | +0.73% | Official discount rate |
| 1963-04-20 | 5.84% | −0.37% | Official discount rate |
| 1963-03-20 | 6.21% | −0.36% | Official discount rate |
| 1962-11-27 | 6.57% | −0.37% | Official discount rate |
| 1962-10-27 | 6.94% | −0.36% | Official discount rate |
| 1961-09-29 | 7.30% | +0.36% | Official discount rate |
| 1961-07-22 | 6.94% | +0.37% | Official discount rate |
| 1961-01-26 | 6.57% | −0.37% | Official discount rate |
| 1960-08-24 | 6.94% | −0.36% | Official discount rate |
| 1959-12-02 | 7.30% | +0.36% | Official discount rate |
| 1959-02-19 | 6.94% | −0.36% | Official discount rate |
| 1958-09-05 | 7.30% | −0.37% | Official discount rate |
| 1958-06-18 | 7.67% | −0.73% | Official discount rate |
| 1957-05-08 | 8.40% | +0.73% | Official discount rate |
| 1957-03-20 | 7.67% | +0.37% | Official discount rate |
| 1955-08-10 | 7.30% | — | Official discount rate |
| 1955-08-10: Gap in the Bank's own published discount-rate table, 1936-04-08 to 1955-08-09 (wartime and occupation-era rates are not published in this series); resumes here from the Bank's own postwar table. | |||
| 1936-04-07 | 3.29% | −0.36% | Official discount rate |
| 1933-07-03 | 3.65% | −0.73% | Official discount rate |
| 1932-08-18 | 4.38% | −0.73% | Official discount rate |
| 1932-06-08 | 5.11% | −0.73% | Official discount rate |
| 1932-03-12 | 5.84% | −0.73% | Official discount rate |
| 1931-11-05 | 6.57% | +0.73% | Official discount rate |
| 1931-10-06 | 5.84% | +0.73% | Official discount rate |
| 1930-10-07 | 5.11% | −0.37% | Official discount rate |
| 1927-10-10 | 5.48% | −0.36% | Official discount rate |
| 1927-03-09 | 5.84% | −0.73% | Official discount rate |
| 1926-10-04 | 6.57% | −0.73% | Official discount rate |
2026-09-241.25%
Call rate target+0.25%
2026-06-171.00%
Call rate target+0.25%
2025-12-220.75%
Call rate target+0.25%
2025-01-270.50%
Call rate target+0.25%
2024-08-010.25%
Call rate target+0.20%
2024-03-210.05%
Call rate target+0.15%
2016-09-21-0.10%
Call rate target−0.15%
2010-10-050.05%
Call rate target−0.05%
2008-12-190.10%
Call rate target−0.20%
2008-10-310.30%
Call rate target−0.20%
2007-02-210.50%
Call rate target+0.25%
2006-07-140.25%
Call rate target+0.25%
Where these numbers come from
Own official/basic discount rate change tables from the Bank's own releases, 1882-10-11 to 1995-09-08 (with two undocumented gaps: 1936-04-08 to 1955-08-09, and 1968-08-08 to 1969-08-31, neither bridged by BIS since BIS Japan does not track the discount rate in those windows either). From 1995-09-09, once the discount rate stopped moving with monetary policy, the level is BIS Japan daily (the uncollateralized overnight call rate target, later the BOJ policy rate). BIS Japan daily agrees on 15 of 15 overlapping change dates checked from the splice (0.0% disagreement, necessarily 0 since the tail is BIS-derived).