Current Bank of Japan policy rate and upcoming Monetary Policy Meeting dates.
| Meeting | Decision | Policy rate |
|---|---|---|
| Jan 22–23* | Maintained8–1 | 0.75 % |
| Mar 18–19 | Maintained8–1 | 0.75 % |
| Apr 27–28* | Maintained6–3 | 0.75 % |
| Jun 15–16 | Raised7–1 | 1.0 % |
| Jul 30–31* | Next | — |
| Sep 17–18 | — | — |
| Oct 29–30* | — | — |
| Dec 17–18 | — | — |
* = Outlook Report (the BoJ's quarterly projections) released at this meeting
Every Bank of Japan decision ripples through global markets. After years near zero, the BoJ is gradually raising rates, and each move reshapes the yen, the Nikkei, and Japanese government bonds. A rate hike tends to strengthen the yen and can unwind the global carry trade, while a hold or dovish signal weakens it. Even an unchanged decision can trigger sharp moves if the statement or the governor's press conference shifts tone. Meetings marked * also release the Outlook Report, the BoJ's quarterly projections, which often drive the largest moves.
Visualize the impact of BoJ meetings on your charts and backtest your strategies. Real-time data, free access.
FREE TRIAL →The Bank of Japan (BoJ) is Japan’s central bank. Monetary policy is set by its nine-member Policy Board: the Governor, two Deputy Governors and six other members. The Board holds eight Monetary Policy Meetings (MPMs) a year, each lasting two days, and announces its decision on the second day.
The BoJ’s short-term policy rate is the target level for the uncollateralized overnight call rate, currently around 1.0%. The Bank raised it by 25 basis points on 16 June 2026 (effective 17 June), after holding at 0.75% since December 2025. It is part of a gradual normalization away from the near-zero rates of the past decade.
Unlike the Fed or the ECB, the BoJ does not fix a release time. The decision is published when the meeting concludes, usually around midday Tokyo time. The Governor then holds a press conference in the afternoon, which often moves the yen more than the decision itself.
A basis point is one hundredth of a percentage point: 1 bps = 0.01%. When the BoJ raises its policy rate by 25 bps, it rises by 0.25%. The Bank has been moving in 25 bps steps during the current normalization.
Four times a year (January, April, July and October), the BoJ publishes its Outlook for Economic Activity and Prices, known as the Outlook Report. It sets out the Board’s projections for growth and inflation and offers the clearest clues about the future rate path. Meetings marked with a * in this calendar include such a release and often trigger the largest market moves.
The policy rate anchors Japanese money-market rates and, through them, the yen and Japanese government bonds. A rate hike tends to strengthen the yen and can unwind the global carry trade, where investors borrow cheaply in yen to buy higher-yielding assets abroad. A hold or a dovish tone weakens it. The markets most sensitive to these decisions are USD/JPY, the Nikkei 225 and JGB yields.
Yes. Each statement gives the vote tally and names any dissenters. The June 2026 hike passed by a 7-1 vote, with Asada Toichiro preferring to hold. Earlier in the year the dissents ran the other way: Takata Hajime, and later two colleagues, wanted to raise sooner. The split of the vote is a useful gauge of how close the next move may be.
To understand what happens on the charts when these decisions land, and how to manage the risk around them, see our guide to trading central bank decisions.
