Short-term policy interest rate in Japan 2016-2024
The central bank policy rate in Japan stood at 0.05 percent in May 2024. 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 March 21, 2024 onwards, the Bank of Japan encourages the uncollaterized overnight call rate to remain between 0.0 and 0.1 percent.
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.
