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Thomas StorringDirector – Economics and Statistics
Tel: 902-424-2410Email:

March 19, 2024

On March 19, 2024, the Policy Board of the Bank of Japan decided that the negative interest rate has fulfilled the conditions for it's achievement. After 17 years, the Bank of Japan has raised their uncollaterized overnight call rate to a range of 0.0%-0.1%.

The Bank of Japan will also purchase approximately the same amount of Japanese government bonds (JGBs) as before, currently it is about 6 trillion yen per month. The Bank will regard the upper bound of 1.0 per cent as a reference for its market operations. To have a yield curve that is consistent with its guidelines, the Bank will continue with large scale JGB purchases and make nimble responses for each maturity.

In addition, the Bank will discontinue purchase exchange-traded funds (ETFs) and Japan real estate investment trusts (J-REITs). The Bank will reduce Commercial Paper (CP) and corporate bonds and will discontinue the purchases in about one year.

The Bank views that the “Quantitative and Qualitative Monetary Easing (QQE) with Yield Curve Control” policy has fulfilled its role. The price stability target of 2.0% will require monetary policy to be conducted as appropriate, using short term interest rates as a primary policy tool. 

The employment and income situation have seen moderate improvements and private consumption has been resilient. Policy board expects the Japan economy to continue recovering moderately supported by pent-up demand. The downward pressure is expected to come from the slowdown in the pace of recovery from the overseas economies.

Japan’s inflation (all items, year-over-year growth in consumer price index) increased by 2.1% in January. Japan's underlying inflation (all items excluding fresh food and energy) increased to 3.5%. Inflation is likely to continue to grow at above 2.0% rate through 2024, due to factors such as the remaining effects of the pass-through to consumer prices of cost increases led by the past rise in import prices and wanning of the effects of the government's economic measures pushing down CPI inflation.

With current economic conditions, the Bank anticipates that the financial conditions will be maintained for the time being. 

The Bank will release their next monetary policy statement on April 26, 2024. 




Source: Bank of Japan, Changes to Monetary Policy Framework

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