BoJ Interest Rate Decision: Dates, Times and Japan's Rate

The Bank of Japan has raised its policy rate from minus 0.1 to 1.0 percent in a good two years, and the yen is still weaker today than before the first rise. In March 2024 a dollar cost 149.20 yen; on 15 September 2026 it costs 155.00. So if you read the BoJ interest rate decision as a number only, you will not understand why it moves markets.

Here you will find the meeting dates to the end of 2027 and the time the decision lands in Europe, measured across 61 meetings. There is also my own analysis of how much the yen and the Nikkei really move on BoJ days, and why the sharpest reaction of recent years came only days after the decision.

The BoJ rate decision in 30 seconds

• The BoJ rate decision is the Bank of Japan’s decision on Japan’s short-term policy rate. It is taken eight times a year, on the second day of a Policy Board meeting.
• Japan’s policy rate is around 1.0 percent. The Bank of Japan raised it on 16 June 2026 and confirmed it on 31 July by 8 votes to 1.
• The next decision comes on Friday, 18 September 2026. After that follow 30 October, with a new Outlook Report, and 18 December.
• There is no fixed time. Since 2024 the meetings have ended between 11:18 and 12:49 Tokyo time, which in summer is 4:18 to 5:49 in central Europe.
• In my measurement across 58 dates, USD/JPY moved 1.7 times as much on BoJ days as on normal days. For the Nikkei the difference was much smaller.
• At four of the five rate rises since 2024 the yen weakened on the day of the decision, not strengthened. Only July 2024 was different, and days later the consequences hit stocks and bitcoin worldwide.

What is the BoJ rate decision?

The BoJ rate decision is the Bank of Japan’s decision on the level at which it wants to keep Japan’s short-term policy rate until the next meeting.

The Bank of Japan, or BoJ, is Japan’s central bank. It is based in Tokyo and is responsible for the yen and for price stability in the country.

The rate it steers is one most Europeans never deal with. The BoJ sets a target for the uncollateralized overnight call rate: the rate at which banks lend to each other overnight without collateral. In the decision itself it is called exactly that. When the news talks about Japan’s policy rate, this target is what it means.

The Policy Board is the Bank of Japan’s decision-making body. It has nine members: the governor, two deputy governors and six other members.

Each of the nine members has one vote, and dissenters are named. The governor has been Kazuo Ueda since 9 April 2023. The BoJ meets eight times a year, each time over two days. The first day is for discussion; on the second day the board votes and publishes the decision. Four times a year the Outlook Report is published with it.

The Outlook Report is the Bank of Japan’s quarterly report on the economy and prices, in which the board publishes its expectations for growth and inflation in the coming fiscal years.

The BoJ’s target is 2 percent inflation, and for decades it missed it. That is why it introduced negative rates in January 2016, which lasted until March 2024: the central bank charged banks minus 0.1 percent on part of their deposits. This phase made the yen the most important funding currency for carry trades, and it explains why every rise is watched so closely today.

The latest BoJ decision: no change in July 2026

On 31 July 2026 the Bank of Japan left its policy rate at around 1.0 percent. The vote was 8 to 1. Board member Hajime Takata voted against and proposed a rise to 1.25 percent. He saw the central bank in a new phase, in which it needs to react more nimbly to price risks from abroad. His proposal was defeated, as the statement of 31 July records.

The Outlook Report was published at the same time, and it shows where things are likely to go. You can read it as a PDF from the BoJ. Core inflation excluding fresh food was recently around 1.5 percent, held down by government relief on energy prices. From the second half of fiscal 2026, however, the BoJ expects a rise clearly above 2 percent, as the higher oil price feeds through to consumer prices. Japan’s fiscal year starts in April.

Looking back: the rate rise of June 2026

On 16 June 2026 the BoJ raised its policy rate from 0.75 to 1.0 percent. The vote was 7 to 1, with one member absent. Toichiro Asada voted against, because he weighted the risks of the Middle East conflict for production and employment more heavily than the risk to prices. The new rate has applied since 17 June.

More important than the step itself was the outlook in the decision. The BoJ wrote that real interest rates remain negative and that it will keep raising the policy rate if the economy and prices develop as expected. On timing and pace it wants to decide depending on the situation in the Middle East. You can read this in the statement of 16 June 2026.

The board disagrees about the pace, and you can see that in the votes. In April 2026 three of nine members already voted for 1.0 percent; in July one member wanted 1.25 percent. For traders these dissents are often more informative than the decision, because they show how much pressure there is for the next step.

BoJ meeting dates for 2026 and 2027

The Bank of Japan publishes its meeting dates about a year in advance. The decision always comes on the second day of the meeting. The table shows the remaining 2026 dates and all 2027 dates, from the official BoJ schedule.

Meeting	Decision	Outlook Report
17 and 18 Sept 2026	Fri, 18 Sept 2026	no
29 and 30 Oct 2026	Fri, 30 Oct 2026	yes
17 and 18 Dec 2026	Fri, 18 Dec 2026	no
21 and 22 Jan 2027	Fri, 22 Jan 2027	yes
17 and 18 Mar 2027	Thu, 18 Mar 2027	no
27 and 28 Apr 2027	Wed, 28 Apr 2027	yes
10 and 11 June 2027	Fri, 11 June 2027	no
21 and 22 July 2027	Thu, 22 July 2027	yes
21 and 22 Sept 2027	Wed, 22 Sept 2027	no
28 and 29 Oct 2027	Fri, 29 Oct 2027	yes
16 and 17 Dec 2027	Fri, 17 Dec 2027	no

BoJ meeting dates according to the Bank of Japan, as of 15 September 2026. Outlook Report means a new report on the economy and prices on the day of the decision.

The dates with an Outlook Report deserve more attention. On those days the BoJ presents new inflation and growth forecasts, and from them you can read how many further steps it thinks are needed. The rate rises of July 2024 and January 2025 fell on such dates; those of December 2025 and June 2026 did not. So there is no fixed rhythm.

The meetings often sit close to the dates of the Fed and the ECB. In September 2026 the Fed decides on the 16th and the BoJ two days later. In October the ECB follows on the 29th and the BoJ on the 30th.

What time does the BoJ decision arrive in Europe?

Unlike the Fed and the ECB, the Bank of Japan names no fixed time for its decision. It is published as soon as the meeting ends on the second day. The BoJ itself records when that was, under “Meeting hours” in every statement. I read these meeting times for all 61 decisions since January 2019 and converted them to central European time.

Rate step	End in Tokyo	Central European time
19 Mar 2024	12:28	4:28 (CET)
31 July 2024	12:49	5:49 (CEST)
24 Jan 2025	12:16	4:16 (CET)
19 Dec 2025	12:12	4:12 (CET)
16 June 2026	12:12	5:12 (CEST)

End of the meeting on the day of the decision, according to the Bank of Japan’s statements, converted to central European time. Own analysis, retrieved 15 September 2026.

The rule of thumb: in summer between 4 and 6 in the morning in central Europe, in winter an hour earlier. In 53 of 61 cases the meeting ended between 11:30 and 12:30 Tokyo time, with a median of 11:52. Japan has no daylight saving time, so Tokyo is seven hours ahead of central Europe in summer and eight hours ahead in winter. Rate rises tended to come late: all five since 2024 were after 12:00 Tokyo time.

For 18 September 2026 that means: expect the news from about 4:15 in the morning, central European time. Since 2024 the earliest publication was 11:18 and the latest 12:49 Tokyo time, so 4:18 to 5:49 in central European summer time. For the meeting on 30 October, Europe is already on winter time, which moves the window to about 3:15 to 4:50.

For a trader in Europe the decision therefore lands deep in the night. The currency market is open, but European stock exchanges are not trading yet. A surprise therefore hits USD/JPY, EUR/JPY and the futures on the Nikkei and the US indices first. European indices only react at the open, often as a price gap.

Japan’s policy rate: the turn since 2024 in numbers

A turn in rates is a central bank’s move from a phase of falling or very low policy rates to a phase of rising rates.

Japan started this turn later than any other large economy. While the Fed and the ECB were raising sharply in 2022 and 2023, the BoJ stayed at minus 0.1 percent. Only on 19 March 2024 did it end its negative rate policy. Since then it has moved up in five steps, each time with dissents on the board.

Decision	Policy rate	Vote
19 Mar 2024	0 to 0.1%	7:2
31 July 2024	0.25%	7:2
24 Jan 2025	0.5%	8:1
19 Dec 2025	0.75%	unanimous
16 June 2026	1.0%	7:1

Rate steps by the Bank of Japan since the end of negative rates, target for the uncollateralized overnight call rate. Source: BoJ statements.

What stands out are the long pauses between the steps. Eleven months lay between the rise of January 2025 and the one in December 2025. The BoJ is moving far more cautiously than the Fed did in 2022, when rates went up at several meetings in a row. The BoJ has tied every step to the condition that the economy and prices develop as expected.

The rate gap to the US has stayed wide all the same, and that is what counts in the currency market. Before the Fed meeting on 16 September, the US policy rate is 3.50 to 3.75 percent and the Japanese rate is 1.0 percent. Anyone holding dollars instead of yen still gets around 2.5 percentage points more. This gap explains a large part of the yen’s weakness. How the dollar side of that gap is developing is covered in our EUR/USD forecast.

How much does a BoJ decision move the yen and the Nikkei?

I measured whether BoJ days really are more restless than normal trading days. The basis is the 59 regular decisions from January 2019 to July 2026. Two unscheduled meetings from the spring of 2020, during the pandemic, are left out. Every BoJ day was compared with all other trading days in the same period.

The ECB reference rate is the exchange rate that the European Central Bank records for the euro against other currencies every working day at 14:15.

For the yen I use this reference rate, because it separates the days cleanly: the rate from the previous day lies before the decision, the rate from the day of the decision after it. USD/JPY was calculated from the ECB reference rates for the dollar and the yen. For the Nikkei 225 the daily range and the change against the previous close are counted, with price data from Yahoo Finance.

Measure	BoJ day	Normal day
USD/JPY, median	0.39%	0.25%
USD/JPY since 2024	0.45%	0.30%
Nikkei range, median	1.18%	1.01%
Nikkei close, mean	0.98%	0.98%

Own analysis, 59 BoJ decisions from 01/2019 to 07/2026 (USD/JPY: 58, one date without a reference rate). USD/JPY = absolute change of the ECB reference rate against the previous day. Retrieved 15 September 2026.

The yen reacts clearly, the Nikkei hardly at all, and you should know that when you choose your instrument. On BoJ days USD/JPY moved 1.7 times as much as usual, and on 36 of 58 dates it moved more than on a typical day. Since the turn in rates began the effect is even clearer: 15 of 20 dates were above the normal value. For the Nikkei only the daily range was somewhat larger. The closing price changed on average exactly as much as on any other day.

More movement does not mean the direction is predictable. The measurement tells you that volatility in the yen increases on BoJ days. It does not tell you whether the yen rises or falls. Anyone looking for an edge here has to check first whether their approach really has one. The limits of the measurement belong to the picture: 59 dates are a small sample, and on some days other news ran at the same time.

The five rate steps one by one

Rate step	USD/JPY	Nikkei
19 Mar 2024	+0.88%	+0.66%
31 July 2024	−2.93%	+1.49%
24 Jan 2025	+0.16%	−0.07%
19 Dec 2025	+0.94%	+1.03%
16 June 2026	+0.12%	+0.13%

Change on the day of the decision. USD/JPY by ECB reference rate, where a plus means a weaker yen. Nikkei 225 close against the previous day, Yahoo Finance. Own analysis.

Four of the five rate rises weakened the yen on the same day. That sounds paradoxical, but it is typical. The steps were expected beforehand and already in the price, and each time the BoJ stressed that conditions remain loose. The market read that as a signal to continue slowly. Only on 31 July 2024 was the message sharper than expected, and the yen gained almost 3 percent.

August 2024: the effect came days later

On the day of the rise the Nikkei still gained 1.5 percent; the crash followed afterwards. On 1 August it lost 2.5 percent, on 2 August 5.8 percent and on Monday, 5 August, 12.4 percent. In three trading days the index fell from 39,102 to 31,458 points. On 6 August it recovered 10.2 percent.

The BoJ alone did not cause the crash, as the review by the Bank for International Settlements shows. According to BIS Bulletin No. 90, several things came together: a BoJ rise perceived as hawkish, a cautious Fed and weak US labour market data on 2 August. The fall was amplified because leveraged positions had to be unwound at the same time. The S&P 500 lost almost 5 percent on 2 and 5 August together.

Why Japan’s rates move US stocks and bitcoin too

A carry trade is a strategy in which an investor borrows money in a currency with a low interest rate and puts it into assets with a higher return, in order to earn the rate difference.

For years the yen has been the most popular funding currency for this. If you borrow yen at almost zero percent, exchange them for dollars and buy US bonds, tech stocks or crypto assets, you earn in two places: on the rate gap and, as long as the yen falls, on the exchange rate.

The trade breaks down when the yen rises, and a rate rise can trigger that. Repaying the yen loan then becomes more expensive, and many investors sell their assets at the same time to pay it back. Before August 2024 the BIS put the size of yen carry trades at roughly 40 trillion yen, around 250 billion dollars, and considers that too low because of gaps in the data.

Bitcoin was hit particularly hard by this wave. From 31 July to 5 August 2024 the price fell from 64,619 to 53,991 dollars according to Yahoo Finance, a loss of 16.4 percent.

But one case does not make a rule. At the rises of January 2025, December 2025 and June 2026 no such chain reaction followed, because the yen did not rise. What matters is therefore not the rate step itself, but whether it strengthens the yen clearly.

How to handle the BoJ date as a trader

The most important step is a simple one: check the evening before whether positions run overnight. The decision comes while you sleep. A stop loss only protects you to a degree in currency trading, because on a surprise the price can jump past your level. In thin overnight trading, spreads are also wider than during the day.

Watch your leverage, especially in yen pairs. A day like 31 July 2024, with almost 3 percent movement in USD/JPY, quickly turns normal leverage into a large loss. If you hold yen positions, you should also know how the pairs correlate, because USD/JPY, EUR/JPY and GBP/JPY usually move together in a BoJ shock.

After the news, read the votes and the outlook first, then the rate. An unchanged rate with two or three dissents for a rise is a different message from a unanimous hold. Just as important is whether the BoJ hardens or softens its wording on further steps. These details often decide the direction on the following day.

What speaks for watching the BoJ date closely

• Measurably more movement: since 2019, USD/JPY has moved on average 1.7 times as much on BoJ days as otherwise.
• Predictable timing: since 2024 every decision has come between 11:18 and 12:49 Tokyo time.
• Open votes: dissents and proposals are published by name and show the pressure on the board.

What speaks against betting on the BoJ date

• No clear direction: four of five rises weakened the yen, one strengthened it clearly.
• Night time: in central Europe the news comes between 3 and 6 in the morning, with thin trading and wide spreads.
• Delayed effect: in August 2024 the crash came days after the decision.
• Small sample: five rate steps since 2024 are not enough for a reliable trading rule.

My assessment: treat the BoJ date as a risk date, not as a chance for quick money. Reduce leveraged yen positions beforehand or hedge them, and only trade once the reaction is visible in the morning.

Conclusion: the BoJ date is at night, and the risk is real

After decades of zero rates, the Bank of Japan has become a central bank that moves markets. The policy rate stands at 1.0 percent, and the next decision comes on 18 September at around 4 to 6 in the morning, central European time. For months there have been votes on the board for faster steps, and that is exactly what makes every meeting a risk date for yen positions.

My measurement shows one thing above all: the yen swings more on BoJ days, but no direction follows from that. Most of the time the yen even weakened after a rise. The one case in which it rose clearly triggered a worldwide wave of selling in August 2024. If you hold yen pairs, the Nikkei or bitcoin with leverage, you should have the BoJ dates in your calendar just like the Fed and ECB meetings. The most sensible way to handle it is simple: go into the night with less leverage and decide in the morning, when you can see the reaction.

Frequently asked questions about Japan’s rate decision

When is the next rate decision in Japan?

The next meeting takes place on 17 and 18 September 2026, and the decision comes on Friday, 18 September. After that follow 30 October, with a new Outlook Report, and 18 December 2026.

What time does the BoJ decision arrive in Europe?

There is no fixed time. Since 2024 the meetings have ended between 11:18 and 12:49 Tokyo time. In central Europe that is 4:18 to 5:49 in the morning in summer, and an hour earlier in winter.

How high is Japan’s policy rate at the moment?

The Bank of Japan steers the uncollateralized overnight call rate at around 1.0 percent. This rate has applied since 17 June 2026 and was confirmed on 31 July 2026 by 8 votes to 1.

Why does the yen often weaken after a rate rise?

The BoJ’s steps were mostly expected and already in the price. At the same time the gap to US rates stayed wide. In my analysis the yen weakened on the day of the decision at four of five rises since 2024.

What does the BoJ rate decision have to do with bitcoin?

Many investors fund purchases of stocks and crypto assets with cheap yen loans. If the yen rises sharply, these positions are unwound. After the rise of July 2024, bitcoin fell 16.4 percent by 5 August. At the later rises no such reaction followed.

Who decides on interest rates at the Bank of Japan?

The Policy Board, with nine members: Governor Kazuo Ueda, two deputy governors and six other members. Each member has one vote, and dissents are named in the statement.

For this article the meeting times of all 61 decisions since 2019 were read from the Bank of Japan’s statements, and the reaction of the yen and the Nikkei was calculated for every date. This is market analysis, not investment advice.