JPINTRMarch/2026
source: Bank of Japan
- The Bank of Japan left its key short-term rate unchanged at 0.75% at its March 2026 meeting, keeping borrowing costs at their highest since September 1995.
The move, announced hours after the U.S. Fed maintained rates steady, reinforced a cautious global stance.
Thursday's decision was widely expected and passed by an 8–1 vote, with Hajime Takata dissenting in favor of a hike to 1%.
Policymakers held views that Japan’s economy is recovering moderately but warned that escalating Middle East tensions cloud the outlook.
The board signaled it will continue raising rates and adjusting monetary support if growth and inflation unfold as projected, noting real rates remain significantly low.
Meanwhile, CPI inflation is expected to dip below 2% temporarily before facing renewed upward pressure from rising crude oil prices.
Officials stressed the need to closely monitor geopolitical risks, energy markets, and global economic trends given their impact on Japan’s recovery and inflation path.
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