Banks › Bank of Japan › History › 28 Apr 2026
Bank of Japan: decision of 28 April 2026
The Bank of Japan kept its short-term policy rate at around 0.75%, with three members voting for an increase.
Decision
hold
- Rate
- 0.75%=0.75%
- Change
- 0 bp
- Vote
- 6–3
- 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…
- Outlook Report
- boj.or.jp/en/mopo/outlook/gor2604b.pdf
- Recorded
- 28 Apr 2026
- Data
- JSON
What the bank said
The Bank said the rise in crude oil prices linked to the situation in the Middle East was expected to slow growth in fiscal 2026 by squeezing corporate profits and households' real income.
It projected core CPI inflation at 2.5–3.0% in fiscal 2026, easing to 2.0–2.5% in fiscal 2027 and around 2% in fiscal 2028, with underlying inflation reaching a level consistent with the 2% target between the second half of fiscal 2026 and fiscal 2027.
It said risks to activity were skewed to the downside and risks to prices to the upside, and that it had in particular to keep inflation from deviating significantly upward.
Guidance. The Bank said it will continue to raise the policy rate, weighing the timing and pace while closely monitoring the impact of the Middle East situation on Japan's economy and prices.
Dissent
Nakagawa Junko, Takata Hajime and Tamura Naoki each proposed raising the rate to around 1.0%, citing risks to prices skewed to the upside.
Before and after
- Previous decision: 19 Mar 2026, held the uncollateralized overnight call rate (short-term policy interest rate) at 0.75%.
- Next decision: 16 Jun 2026, raised the uncollateralized overnight call rate (short-term policy interest rate) by 25 bp to 1.00%.
- All Bank of Japan decisions and the rate history