Bank of Japan (BoJ)

BoJ maintains interest rate and core inflation forecasts


BOJ Latest Analysis

April meeting review

March meeting review

BoJ ends negative interest rate era, scraps YCC

Following the conclusion of its two-day monetary policy meeting on Tuesday, the Bank of Japan (BoJ) board members decided to lift the interest rate by 10 basis points (bps) from -0.1% to 0% for the first time since 2007. The central bank ended a negative interest rate era that began in 2016. The decision was in line with the market expectations.

January meeting review

Breaking: Bank of Japan maintains policy settings and forward guidance unchanged

The Bank of Japan (BoJ) board members decided to make no changes to their current policy settings, following its January monetary policy review meeting on Tuesday. The Japanese central bank held the interest rate and 10-year JGB yield target steady at -10bps and 0% respectively. The BoJ maintains its yield curve control (YCC) policy of allowing 10-year government bond yields to move up to around 1.0%.

October meeting review

Bank of Japan stands pat, re-defines YCC cap

The Bank of Japan (BoJ) board members decided to leave their current policy settings unadjusted, following its October monetary policy review meeting. The Japanese central bank maintained the interest rate and 10-year JGB yield target at -10bps and 0% respectively.

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Big Picture

What is the BOJ?

The Bank of Japan (BoJ) is the central bank of Japan. It is a juridical person established based on the Bank of Japan Act (hereafter the Act), and is not a government agency or a private corporation.

POLICY BOARD. The Policy Board is established as the Bank's highest decision-making body. The Board determines the guideline for currency and monetary control, sets the basic principles for carrying out the Bank's operations, and oversees the fulfillment of the duties of the Bank's officers, excluding Auditors and Counsellors.

HISTORY. The Bank of Japan was established under the Bank of Japan Act (promulgated in June 1882) and began operating on October 10, 1882, as the nation's central bank. The Bank was reorganized on May 1, 1942 in conformity with the Bank of Japan Act (hereafter the Act of 1942), promulgated in February 1942. The Act of 1942 strongly reflected the wartime situation: for example, Article 1 stated the objectives of the Bank as "the regulation of the currency, control and facilitation of credit and finance, and the maintenance and fostering of the credit system, pursuant to national policy, in order that the general economic activities of the nation might adequately be enhanced." The Act of 1942 was amended several times after World War II. Such amendments included the establishment of the Policy Board as the Bank's highest decision-making body in June 1949. The Act of 1942 was revised completely in June 1997 under the two principles of "independence" and "transparency." The revised act (the Act) came into effect on April 1, 1998.

Who is BOJ's president?

Kazuo Ueda was born in Makinohara, Japan, on September 20 in 1951. He is the 32nd and current Governor of the Bank of Japan (BoJ). He is a professor and the dean of the business department at Kyoritsu Women's University in Tokyo and the external director at JGC Holdings Corp, an engineering company and at the state-owned Development Bank of Japan.

The 71-year-old is widely seen as an expert on monetary policy but is seen as a surprise appointment by analysts. He was not even considered a dark-horse candidate. Ueda wasn’t really on their radar because the BOJ governor job has traditionally been assumed by a long-serving Finance Ministry bureaucrat or central bank official. He is the first academic economist to lead the BOJ in the post-World War II era.

Kazuo Ueda


Ueda on his Wikipedia's profile

the world interest rates table

The World Interest Rates Table reflects the current interest rates of the main countries around the world, set by their respective Central Banks. Rates typically reflect the health of individual economies, as in a perfect scenario, Central Banks tend to rise rates when the economy is growing and therefore instigate inflation.