Overview
Key Statistics
A target interest rate set by the central bank in its efforts to influence short-term interest rates as part of its monetary policy strategy. This indicator shows the new target interest rate on the date the new rate was announced. As of 3/19/2024, BOJ announced the change in monetary policy framework, the policy rate is in the range of {BOJDTR Index DES<GO>} and {BOJDLOWR Index DES<GO>}. <p>BOJ has shifted its monetary policy focus to a targeted monetary base via Japanese government bond (JGB) purchases in April 2013, then to Balance rate in 2016. Therefore, BOJ has suspended the uncollateralized overnight call rate between this period, and we use the balance rate (previous policy rate) {BOJDPBAL Index DES<GO>} as a proxy. <p>Please refer to {https://www.boj.or.jp/en/mopo/mpmdeci/mpr_2024/k240319a.pdf} for more details.<BR><p> Bank of Japan monetary policy history: {https://www.boj.or.jp/en/mopo/outline/bpreview/ref.htm#p14}