Short-term policy interest rate in Japan 2016-2024
The central bank policy rate in Japan rose to 0.05 percent in March 2024. This was the first interest rate hike in 17 years. From March 21, 2024 onwards, the Bank of Japan encourages the uncollaterized overnight call rate to remain between 0.0 and 0.1 percent.
In 2016, the Bank of Japan had introduced a policy of quantitative and qualitative monetary easing (QQE) with yield curve control, one component of which included controlling short-term and long-term interest rates through market operations.