BoJ Overnight Call Rate - Japan Japanese Central Bank interest rate

This page shows the current and historic values of the Overnight Call Rate as set by the Japanese Central Bank (Bank of Japan, BoJ). The Overnight Call Rate is often regarded as the most important interest rate of the BoJ.

The current interest rates of more central banks

Current BoJ overnight call rate
0.10 %
-0.10 %
0.00 %
0.10 %
0.30 %
0.50 %
0.25 %
0.00 %
0.15 %
0.25 %

Chart BoJ overnight call rate

Historical interest rates

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Bank of Japan (BoJ)

The Bank of Japan (BoJ), Japan's central bank, is also called Nichigin. With its monetary policy the BoJ seeks to support the healthy development of the national economy by ensuring price stability. However, the goal that the bank sets with regard to the degree of price stability is not as clearly defined as for other central banks.

Overview of the inflation rates in Japan

The Bank of Japan's tasks include:

  • issuing and managing banknotes;
  • implementing monetary policy;
  • treasury and government-related securities activities.

Uncollateralized Overnight Call Rate

When reference is made to the Japanese interest rate this often refers to the Uncollateralised Overnight Call Rate. This is the base rate, the interest which is charged when banks which are part of the system provide one another with loans with a short maturity, usually a maturity of 1 day (overnight). With this base rate the Bank of Japan can influence the money supply and thus bring interest rates to a level close to the required rate. No collateral is needed for these overnight loans.

This interest rate is very important because it has a major impact on the interest which banks charge on commercial products such as loans and mortgages or pay on products such as savings. By changing this base rate, the central bank can also affect the exchange rates of the Japanese yen.