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JPY · TokyoThe next monetary policy meeting of the Bank of Japan (BoJ) will take place on Friday 30 October 2026. Its overnight rate stands at 1.25%, at this level since 24 September 2026.
The Bank of Japan exited negative rates in 2024 after eight years. Every increase in its overnight rate is scrutinised, because it affects the funding of positions worldwide.
Updated on · sources: the central bank, the BIS and the national statistics office
Last move
↑ Hike
le 24 September 2026
Annual inflation
2.1%
Target: 2% (IPC) · 2026-09
Next decision
30 October
in 7 days
The yen serves as a funding currency: BoJ tightening can trigger brutal unwinds on JPY pairs. Below, the rate the market expects after each meeting, and the probabilities of a hike, a hold or a cut, derived from today's OIS swaps.
How the projections are calculated is for members only
This tool is included in full access and in the terminal-only plan. The other tools on this page remain free to view.
Decision dates published by the bank. For two-day meetings, the date shown is the announcement day.
All eight banks on a single calendar: central bank calendar.
Five years of decisions: each step in the chart is a rate change. Source: Bank for International Settlements.
| Effective date | Overnight rate | Change |
|---|---|---|
| 1 October 2026 | 1.25 % | +25 bp |
| 25 June 2026 | 1.00 % | +25 bp |
| 22 December 2025 | 0.75 % | +25 bp |
| 31 January 2025 | 0.50 % | +25 bp |
| 8 August 2024 | 0.25 % | +20 bp |
| 25 March 2024 | 0.05 % | +15 bp |
Policy Board
9 voters · 8 meetings a year · Tokyo
The governor, two deputy governors and six deliberating members, one vote each. The governor has the casting vote.
Named vote published
The named vote appears in the statement, and the minutes, published after the next meeting, give the detail of positions.
