The benchmark interest rate in Japan was last recorded at 0.50 percent. This dataset provides - Japan Interest Rate - actual values, historical data, forecast, chart, statistics, economic calendar and news.

Key information about Japan Policy Rate

• Japan cash rate (Policy Rate: Month End: Japan: Complementary Deposit Facility Interest Rate) was set at -0.10 % pa in Jun 2023, compared with -0.10 % pa in the previous May 2023.
• Japan Policy Rate averaged -0.10 % pa and is updated monthly, available from Nov 2008 to Jun 2023.
• The data reached an all-time high of 0.10 % pa in Jan 2016 and a record low of -0.10 % pa in Jun 2023.

• In the latest reports, Japan Short Term Interest Rate: Month End: TIBOR: Japanese Yen: 3 Months was reported at 0.07 % pa in Jun 2023.
• Its Long Term Interest Rate (Bonds Yield: Government Bonds: Newly Issued: 10 Years: Month End) was reported at 0.43 % pa in May 2023.
• Japan Exchange Rate against USD averaged 137.05 (USD/JPY) in May 2023.
• Its Real Effective Exchange Rate was 59.46 in May 2023.

The central bank policy rate in Japan stood at *** percent in May 2025. In March 2024, the Bank of Japan raised short-term interest rates for the first time in 17 years, ending its negative interest rate policy. From August 2024 onwards, the central bank encouraged the uncollaterized overnight call rate to remain at **** percent. A third rate hike to *** percent was implemented in January 2025. In 2016, the Bank of Japan had introduced a policy of quantitative and qualitative monetary easing (QQE) with yield curve control, one component of which included controlling short-term and long-term interest rates through market operations.

Key information about Japan Long Term Interest Rate

• Japan Bonds Yield: Government Bonds: Newly Issued: 10 Years: Month End was reported at 1.37 % pa in Feb 2025, compared with 1.24 % pa in the previous month.
• Japan Long Term Interest Rate data is updated monthly, available from Dec 1998 to Feb 2025.
• The data reached an all-time high of 2.10 % pa in Jan 1999 and a record low of -0.28 % pa in Aug 2019.
• Long Term Interest Rate is reported by reported by Bank of Japan.

• In the latest reports, Japan Short Term Interest Rate: Month End: TIBOR: Japanese Yen: 3 Months was reported at 0.79 % pa in Feb 2025.
• The cash rate (Policy Rate: Month End: Japan: Complementary Deposit Facility Interest Rate) was set at -0.10 % pa in Jun 2023.
• Japan Exchange Rate against USD averaged 141.36 (USD/JPY) in Jun 2023.

FocusEconomics' economic data is provided by official state statistical reporting agencies as well as our global network of leading banks, think tanks and consultancies. Our datasets provide not only historical data, but also Consensus Forecasts and individual forecasts from the aformentioned global network of economic analysts. This includes the latest forecasts as well as historical forecasts going back to 2010. Our global network consists of over 1000 world-renowned economic analysts from which we calculate our Consensus Forecasts. In this specific dataset you will find economic data for Japan Interest Rate.

Discount Rate: Central Bank: Japan data was reported at 0.750 % pa in Apr 2025. This stayed constant from the previous number of 0.750 % pa for Mar 2025. Discount Rate: Central Bank: Japan data is updated monthly, averaging 3.750 % pa from Jan 1950 (Median) to Apr 2025, with 904 observations. The data reached an all-time high of 9.000 % pa in Jul 1980 and a record low of 0.100 % pa in Jun 2006. Discount Rate: Central Bank: Japan data remains active status in CEIC and is reported by Bank of Japan. The data is categorized under Global Database’s Japan – Table JP.M: Discount, Prime Lending, Call and Policy Rate.

As of June 2025, the average interest rate on ordinary deposits of financial institutions in Japan stood at around **** percent per annum. In the past years, the average interest rate on ordinary deposits had been close to zero percent. It rose to **** percent after the central bank policy rate hike in March 2024.

In May 2025, global inflation rates and central bank interest rates showed significant variation across major economies. Most economies initiated interest rate cuts from mid-2024 due to declining inflationary pressures. The U.S., UK, and EU central banks followed a consistent pattern of regular rate reductions throughout late 2024. In early 2025, Russia maintained the highest interest rate at 20 percent, while Japan retained the lowest at 0.5 percent. Varied inflation rates across major economies The inflation landscape varies considerably among major economies. China had the lowest inflation rate at -0.1 percent in May 2025. In contrast, Russia maintained a high inflation rate of 9.9 percent. These figures align with broader trends observed in early 2025, where China had the lowest inflation rate among major developed and emerging economies, while Russia's rate remained the highest. Central bank responses and economic indicators Central banks globally implemented aggressive rate hikes throughout 2022-23 to combat inflation. The European Central Bank exemplified this trend, raising rates from 0 percent in January 2022 to 4.5 percent by September 2023. A coordinated shift among major central banks began in mid-2024, with the ECB, Bank of England, and Federal Reserve initiating rate cuts, with forecasts suggesting further cuts through 2025 and 2026.

In May 2025, the basic discount rate and basic loan rate in Japan stood at **** percent per annum. The basic discount and loan rate, formerly the official discount rate, is set by the Bank of Japan and acts as a ceiling for the uncollateralized overnight call rate. Before the liberalization of interest rates in Japan was completed in 1994, it served as the representative policy interest rate.

In May 2025, the average uncollateralized overnight call rate in Japan stood at **** percent. The end-of-month rate also reached **** percent. On March 21, 2024, the Bank of Japan ended its negative interest rate policy and made a shift to encouraging the uncollateralized overnight call rate to remain between *** and *** percent. In its July 2024 Monetary Policy Meeting, the bank decided to raise the short-term interest rate to **** percent. In January 2025, a third rate hike to *** percent was implemented.

Graph and download economic data for Interest Rates: Immediate Rates (< 24 Hours): Call Money/Interbank Rate: Total for Japan (IRSTCI01JPM156N) from Jul 1985 to May 2025 about interbank, overnight, Japan, interest rate, interest, and rate.

Japan Call Rate: Collateralized: Overnight: Month Average data was reported at 0.001 % pa in Apr 2016. This stayed constant from the previous number of 0.001 % pa for Mar 2016. Japan Call Rate: Collateralized: Overnight: Month Average data is updated monthly, averaging 4.594 % pa from Jan 1960 (Median) to Apr 2016, with 676 observations. The data reached an all-time high of 13.481 % pa in Aug 1974 and a record low of 0.001 % pa in Apr 2016. Japan Call Rate: Collateralized: Overnight: Month Average data remains active status in CEIC and is reported by Bank of Japan. The data is categorized under Global Database’s Japan – Table JP.M001: Discount, Prime Lending, Call and Policy Rate.

As of December 2024, India's policy interest stood at approximately *** percent, with forecasts indicating a cut to around *** percent by the end of 2025. In contrast, Japan was forecasted to see a policy interest rate hike from around *** percent in December 2024 to *** percent by the end of 2025.

From January 2022 to July 2024, a global trend emerged as almost all advanced and emerging economies increased their central bank policy rates. This widespread tightening of monetary policy was in response to inflationary pressures and economic challenges. However, a shift occurred in the latter half of 2024, with most countries beginning to lower their rates, potentially signaling a new phase in the global economic cycle and monetary policy approach.

Japan Call Rate: Uncollateralized: 2 Months: Month Average data was reported at -0.025 % pa in Oct 2018. This records a decrease from the previous number of -0.015 % pa for Sep 2018. Japan Call Rate: Uncollateralized: 2 Months: Month Average data is updated monthly, averaging 0.520 % pa from Jan 1989 (Median) to Oct 2018, with 301 observations. The data reached an all-time high of 8.463 % pa in Sep 1990 and a record low of -0.045 % pa in Jul 2017. Japan Call Rate: Uncollateralized: 2 Months: Month Average data remains active status in CEIC and is reported by Bank of Japan. The data is categorized under Global Database’s Japan – Table JP.M001: Discount, Prime Lending, Call and Policy Rate.

Policy rate, percent in Japon, avril, 2025 Pour cet indicateur, Bank for International Settlements (BIS) fournit des données pour la Japon de août 2000 à avril 2025. La valeur moyenne pour Japon pendant cette période était de 0.06 pour cent avec un minimum de -0.1 pour cent en septembre 2016 et un maximum de 0.5 pour cent en février 2007. | TheGlobalEconomy.com

In 2024, Japan's gross domestic product (GDP) grew by three percent at current prices, according to the second preliminary announcement in March 2025. A year earlier, the highest growth rate of Japan’s nominal GDP in almost three decades was recorded. The nominal GDP measures the value of all goods and services produced in an economy, including price changes. GDP growth and inflation Japan’s real GDP growth, which is adjusted for inflation, was lower at 0.1 percent. After decades of struggling with deflation and attempts to reach a two percent inflation target with economic stimulus packages and monetary easing policies, consumer prices in Japan increased by almost 3.3 percent in 2023, led by global inflation. This development prompted the Bank of Japan to shift its monetary policy and raise the short-term interest rate for the first time in 17 years in 2024. Japan lost its status as the third-largest economy Many countries have raised interest rates in response to higher inflation in the past years. Since Japan’s central bank has done so at a much slower pace, a widening interest gap emerged between Japan and other major economies of the world. This is also one of the reasons for the depreciation of the yen against the dollar. Due to the weak yen, Japan’s GDP declined when converted into U.S. dollars, resulting in Japan losing its status as the third-largest economy in terms of GDP to Germany in 2023.

Japan Prime Lending Rate: Long Term: Month End data was reported at 1.000 % pa in Nov 2018. This stayed constant from the previous number of 1.000 % pa for Oct 2018. Japan Prime Lending Rate: Long Term: Month End data is updated monthly, averaging 4.500 % pa from Jan 1970 (Median) to Nov 2018, with 587 observations. The data reached an all-time high of 9.900 % pa in Jul 1975 and a record low of 0.900 % pa in Jul 2016. Japan Prime Lending Rate: Long Term: Month End data remains active status in CEIC and is reported by Bank of Japan. The data is categorized under Global Database’s Japan – Table JP.M001: Discount, Prime Lending, Call and Policy Rate.

Abstract

The fourth edition of the Global Findex offers a lens into how people accessed and used financial services during the COVID-19 pandemic, when mobility restrictions and health policies drove increased demand for digital services of all kinds.

The Global Findex is the world's most comprehensive database on financial inclusion. It is also the only global demand-side data source allowing for global and regional cross-country analysis to provide a rigorous and multidimensional picture of how adults save, borrow, make payments, and manage financial risks. Global Findex 2021 data were collected from national representative surveys of about 128,000 adults in more than 120 economies. The latest edition follows the 2011, 2014, and 2017 editions, and it includes a number of new series measuring financial health and resilience and contains more granular data on digital payment adoption, including merchant and government payments.

The Global Findex is an indispensable resource for financial service practitioners, policy makers, researchers, and development professionals.

Geographic coverage

For landline random digit dialing, excluded 12 municipalities near the nuclear power plant in Fukushima. These areas were designated as not-to-call districts due to the devastation from the 2011 disasters. The exclusion represents less than 1 percent of the total population of Japan.

Analysis unit

Individual

Kind of data

Observation data/ratings [obs]

Sampling procedure

In most developing economies, Global Findex data have traditionally been collected through face-to-face interviews. Surveys are conducted face-to-face in economies where telephone coverage represents less than 80 percent of the population or where in-person surveying is the customary methodology. However, because of ongoing COVID-19 related mobility restrictions, face-to-face interviewing was not possible in some of these economies in 2021. Phone-based surveys were therefore conducted in 67 economies that had been surveyed face-to-face in 2017. These 67 economies were selected for inclusion based on population size, phone penetration rate, COVID-19 infection rates, and the feasibility of executing phone-based methods where Gallup would otherwise conduct face-to-face data collection, while complying with all government-issued guidance throughout the interviewing process. Gallup takes both mobile phone and landline ownership into consideration. According to Gallup World Poll 2019 data, when face-to-face surveys were last carried out in these economies, at least 80 percent of adults in almost all of them reported mobile phone ownership. All samples are probability-based and nationally representative of the resident adult population. Phone surveys were not a viable option in 17 economies that had been part of previous Global Findex surveys, however, because of low mobile phone ownership and surveying restrictions. Data for these economies will be collected in 2022 and released in 2023.

In economies where face-to-face surveys are conducted, the first stage of sampling is the identification of primary sampling units. These units are stratified by population size, geography, or both, and clustering is achieved through one or more stages of sampling. Where population information is available, sample selection is based on probabilities proportional to population size; otherwise, simple random sampling is used. Random route procedures are used to select sampled households. Unless an outright refusal occurs, interviewers make up to three attempts to survey the sampled household. To increase the probability of contact and completion, attempts are made at different times of the day and, where possible, on different days. If an interview cannot be obtained at the initial sampled household, a simple substitution method is used. Respondents are randomly selected within the selected households. Each eligible household member is listed, and the hand-held survey device randomly selects the household member to be interviewed. For paper surveys, the Kish grid method is used to select the respondent. In economies where cultural restrictions dictate gender matching, respondents are randomly selected from among all eligible adults of the interviewer's gender.

In traditionally phone-based economies, respondent selection follows the same procedure as in previous years, using random digit dialing or a nationally representative list of phone numbers. In most economies where mobile phone and landline penetration is high, a dual sampling frame is used.

The same respondent selection procedure is applied to the new phone-based economies. Dual frame (landline and mobile phone) random digital dialing is used where landline presence and use are 20 percent or higher based on historical Gallup estimates. Mobile phone random digital dialing is used in economies with limited to no landline presence (less than 20 percent).

For landline respondents in economies where mobile phone or landline penetration is 80 percent or higher, random selection of respondents is achieved by using either the latest birthday or household enumeration method. For mobile phone respondents in these economies or in economies where mobile phone or landline penetration is less than 80 percent, no further selection is performed. At least three attempts are made to reach a person in each household, spread over different days and times of day.

Sample size for Japan is 1010.

Mode of data collection

Landline and mobile telephone

Research instrument

Questionnaires are available on the website.

Sampling error estimates

Estimates of standard errors (which account for sampling error) vary by country and indicator. For country-specific margins of error, please refer to the Methodology section and corresponding table in Demirgüç-Kunt, Asli, Leora Klapper, Dorothe Singer, Saniya Ansar. 2022. The Global Findex Database 2021: Financial Inclusion, Digital Payments, and Resilience in the Age of COVID-19. Washington, DC: World Bank.