Policy interest rate
0.50%
as of 2026-04-30
Last decision
HELD
Next meeting
Jul 30-31
T-38d
Bias
HAWKISH
The Bank of Japan conducts monetary policy for Japan, targeting price stability and the sound development of the national economy. The Policy Board holds eight monetary policy meetings each year.
Sets the policy interest rate and yield-curve-control parameters for the yen, the world's third-most-traded currency. The BoJ's ultra-low rate stance has anchored carry-trade dynamics globally for over a decade.
Policy decisions are announced on the dates above. Source: official central bank schedules.
Policy interest rate
0.50%
As of 2026-04-30
JPY 2026 consensus
148.00
median of 22 banks
JPY net longs (CFTC)
-99,844
latest as of
Next macro event
S&P Global Manufacturing PMI (Jun)
5 most-recent items prefer LLM synthesis where available
The desk believes that the recent decisions made by global central banks, particularly the Federal Reserve, will lead to further volatility in the dollar and increased divergence in FX pairs. Per the…
Lead — The desk believes the Federal Reserve will maintain its current interest rates, reflecting the broader trend of central banks balancing accommodative and restrictive policies. Per the full…
The Japanese yen remains weak despite the Bank of Japan's recent rate hike, highlighting a deeply entrenched bearish positioning among leveraged funds. As per the full note, analysts indicate that…
The Bank of Japan's recent decision to raise its benchmark rate by 25 basis points to 1%, while committing to halt tapering by April 2027, underscores a significant shift in its monetary policy…
Lead — The Bank of Japan's decision to raise interest rates to 1% is a pivotal moment for the Japanese economy, marking its first such increase since 1995. Per the full note, this move illustrates…
100 statements scored, Apr 2026 → May 2026
Most hawkish: May 11, 2026 (Ida Wolden Bache: Policy rate raised to 4.25 percent, score +75)
Most dovish: May 7, 2026 (Bank of Japan Accounts (April 30), score -75)
Non-commercial net longs over the past 8 weeks. Latest report: for BoJ
Latest net
-99,844
JPY non-commercial contracts
WoW change
-11,781
8-week trend
oldest → newest
Reports referencing BoJ across covered research desks
BoJ intervened to support the yen, putting additional pressure on the American currency.
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FX markets are entering a critical phase as Hormuz disruptions, central bank divergence, and BOJ intervention risks…
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Well, they finally did it. The Bank of Japan intervened in markets on Thursday morning and drove a sell-off of more…
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Next week is Central Bank week as we hear from the Fed, ECB, BoE, BoJ and Bank of Canada. No actual moves are expected…
Read article →FX BANK FORECAST · COVERAGE
Aggregated year-end forecasts, scenario shifts, and curated analyst notes from eight institutional desks. No promotion.