Bank Of Japan Policy Rate
Event Date: Tuesday, October 31, 2023
Event Time: 02:30 CET
Updated Monday, October 30, 2023
The Bank of Japan holds interest rates at -0.10%, which means that secondhand banks actually pay interest to hold their extra cash at the BOJ. They are expected to hold interest rates at the same levels again this time, but we have heard some dovish remarks in recent weeks from them and the other major central banks have cut rates during the last few months as the global economy weakens. The BOJ is not expected to raise rates but they might announce a change in the policy after the last move in December. Follow us for live coverage of this event and its effect on the currency by experienced analysts.
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About Bank Of Japan Policy Rate
The Bank of Japan (BoJ) is the central banking authority of Japan, led by Governor Haruhiko Kuroda since 2013. The BoJ Policy Rate is the uncollateralized overnight call rate, or base rate, assigned to interbank lending. It is a key element in the institutional lending environment.Under Prime Minister Shinzo Abe’s economic policy known as “Abenomics,” the BoJ Policy Rate has been kept artificially low. Since the implementation of Abenomics, low rates have been encouraged to promote a strong export sector. In January of 2016, the BoJ adopted a negative Policy Rate toward the JPY.Active traders view the BoJ Policy Rate as a leading indicator of JPY valuations. A devalued yen has long been a functioning part of the Japanese economy. Any raising of rates by the BoJ is capable of heightening volatility in forex valuations of the JPY and the Japanese equities indices.