Japan Interest Rate (Uncollateralized Overnight Call Rate)
The uncollateralized overnight call rate is the interest rate at which financial institutions lend to each other overnight without collateral. The Bank of Japan conducts monetary policy by guiding this rate, so it is commonly used as Japan's policy interest rate. This page shows the monthly average of the daily rate.
📖 How to read this indicator
When the Bank of Japan changes its target, the call rate moves to the new level within days. Because the figures are monthly averages, the month in which a change takes effect shows a value between the old and new levels. From 2013 to March 2024 the Bank of Japan relied mainly on large-scale asset purchases and a negative interest rate on part of banks' current account balances, so the call rate stayed around zero or slightly below.
Data table
| Month | Overnight call rate (monthly average) |
|---|---|
| Oct 2026 | 1.227% |
| Sep 2026 | 1.043% |
| Aug 2026 | 0.977% |
| Jul 2026 | 0.978% |
| Jun 2026 | 0.841% |
| May 2026 | 0.727% |
| Apr 2026 | 0.727% |
| Mar 2026 | 0.728% |
| Feb 2026 | 0.728% |
| Jan 2026 | 0.728% |
| Dec 2025 | 0.557% |
| Nov 2025 | 0.478% |
| Oct 2025 | 0.477% |
| Sep 2025 | 0.477% |
| Aug 2025 | 0.477% |
| Jul 2025 | 0.478% |
| Jun 2025 | 0.477% |
| May 2025 | 0.477% |
| Apr 2025 | 0.477% |
| Mar 2025 | 0.477% |
| Feb 2025 | 0.478% |
| Jan 2025 | 0.293% |
| Dec 2024 | 0.227% |
| Nov 2024 | 0.227% |
| Oct 2024 | 0.227% |
| Sep 2024 | 0.227% |
| Aug 2024 | 0.227% |
| Jul 2024 | 0.078% |
| Jun 2024 | 0.077% |
| May 2024 | 0.077% |
| Apr 2024 | 0.077% |
| Mar 2024 | 0.022% |
| Feb 2024 | -0.006% |
| Jan 2024 | -0.014% |
| Dec 2023 | -0.012% |
| Nov 2023 | -0.015% |
| Oct 2023 | -0.020% |
| Sep 2023 | -0.054% |
| Aug 2023 | -0.063% |
| Jul 2023 | -0.046% |
| Jun 2023 | -0.066% |
| May 2023 | -0.051% |
| Apr 2023 | -0.015% |
| Mar 2023 | -0.017% |
| Feb 2023 | -0.019% |
| Jan 2023 | -0.020% |
| Dec 2022 | -0.066% |
| Nov 2022 | -0.067% |
| Oct 2022 | -0.050% |
| Sep 2022 | -0.049% |
FAQ
What is the Bank of Japan's policy rate?
The Bank of Japan sets a target for the uncollateralized overnight call rate at its Monetary Policy Meetings, which are held eight times a year.