Banks › Bank of Japan › History › 19 Mar 2026
Bank of Japan: decision of 19 March 2026
The Bank of Japan kept its short-term policy rate at around 0.75%.
Decision
hold
- Rate
- 0.75%=0.75%
- Change
- 0 bp
- Vote
- 8–1
- Announced
Sources
- Statement
- boj.or.jp/en/mopo/mpmdeci/mpr_2026/k260…
- Summary of Opinions
- boj.or.jp/en/mopo/mpmsche_minu/opinion_…
- Minutes
- boj.or.jp/en/mopo/mpmsche_minu/minu_202…
- Recorded
- 19 Mar 2026
- Data
- JSON
What the bank said
The Bank said Japan's economy had recovered moderately and that core CPI inflation had recently fallen to around 2%, partly because of government measures to reduce households' energy costs.
It said rising tension in the Middle East had made global financial markets volatile and pushed crude oil prices up significantly, and that the effect on underlying inflation warranted attention.
It said underlying CPI inflation was expected to rise gradually and reach a level generally consistent with the 2% target in the second half of the January Outlook Report's projection period.
Guidance. The Bank said that, with real interest rates significantly low, it will continue to raise the policy rate if its January outlook is realised.
“will continue to raise the policy interest rate and adjust the degree of monetary accommodation”
Dissent
Takata Hajime proposed raising the rate to around 1.0%, considering that risks to prices were skewed to the upside because of second-round effects of price rises from overseas.
Before and after
- Previous decision: 23 Jan 2026, held the uncollateralized overnight call rate (short-term policy interest rate) at 0.75%.
- Next decision: 28 Apr 2026, held the uncollateralized overnight call rate (short-term policy interest rate) at 0.75%.
- All Bank of Japan decisions and the rate history