BoJ rate decision: how the Bank of Japan moves the yen

The BoJ rate decision is the moment the Bank of Japan's Policy Board sets its policy rate, the uncollateralized overnight call rate that Japanese short-term borrowing is built on. It is the biggest scheduled event for the yen. The statement lands at no fixed minute and the Governor speaks hours later, so the yen can react twice on the day, and the press conference often decides where it ends up.

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By Mike. Explanation updated 2 Oct 2026; the dates and moves below update with the research.

BoJ rate decision in short

Next release: Friday, 30 October 2026At the usual time, see below. The exact moment appears here in the week itself.
Published by: Bank of Japan
When: Eight times a year, at the end of a two-day Monetary Policy Meeting. The statement has no fixed time: it comes out as soon as the meeting ends, usually close to noon Tokyo time, which is around 05:00 in Amsterdam in the European summer and around 04:00 in the winter. The Governor's press conference follows at 3:30 in the afternoon Tokyo time, 08:30 in Amsterdam in the summer and 07:30 in the winter.
Currency: Japanese yen (JPY)
Impact: High: one of the releases that can move the currency on its own
What is decided: The guideline for money market operations: the target for the uncollateralized overnight call rate
Who decides: The Policy Board: the Governor, two Deputy Governors and six other members, by majority vote
Target: 2% inflation, measured as the yearly change in the consumer price index
Comes with: A statement with the vote, a press conference at 3:30 Tokyo time, and four times a year the Outlook Report

What the BoJ rate decision contains

The decision is published as a short statement from the Policy Board. It sets the guideline for money market operations until the next meeting, which in practice is the level at which the Bank wants the uncollateralized overnight call rate to trade. It also sets the rates on the Bank's deposit and lending facilities that hold the call rate there.

The statement gives the vote and names the members who dissented, with their reasons. A split vote is read closely, because it shows how far the board is from its next step.

Four times a year, at the meetings in January, April, July and October, the decision comes with the Outlook for Economic Activity and Prices, known as the Outlook Report. Its summary, the Bank's View, is released with the statement. The full text follows at 14:00 Tokyo time on the next business day.

Why the Bank of Japan moves the yen

Japanese interest rates have been among the lowest of the major economies for decades. That made the yen a currency traders borrow in to buy higher-yielding ones, so every change in what the market expects from the BoJ changes the rate gap that trade lives on.

Most decisions are priced well in advance. What moves the yen is the part that was not: a vote that splits more than expected, new words about the next step, or forecasts that bring the 2% target closer or push it away.

The BoJ also watches the yen itself. Its statements name foreign exchange rates as a risk to prices, because a weaker yen raises the cost of imports.

How to read a BoJ decision

Start with what was priced the day before. A rate rise that was fully expected can still weaken the yen if the statement sounds like a pause, and a hold can lift it if the board signals that the next step is close.

Then read the vote, the dissents and the paragraph on the future conduct of monetary policy near the end of the statement. That paragraph is where the Bank says whether it expects to keep adjusting rates.

The press conference at 3:30 in the afternoon Tokyo time often decides the move of the day. The Governor's answers on timing, on wages and on the yen are what the market trades, so the first reaction to the statement is not always the one that lasts.

What the Japanese yen did on the last release days

Measured on our own prices: the Japanese yen against the basket of the eight majors, from the London opening before the release to the one after it, so the release sits inside the window. Anything else that came out between those two openings is in it too, so a day with more news says less about this release alone.

Release	Amsterdam	Measured	JPY vs basket
18 Sept 2026	05:00	17 Sept to 18 Sept	-0.97%

For scale: on an ordinary day the Japanese yen moves 0.24% against the basket from one London opening to the next, either way, on average over the 250 trading days since 14 Oct 2025.

The forecast, the figure itself and what it changed in our view of the currency are in the app, next to the research.

Questions about the BoJ rate decision

What time is the BoJ rate decision announced?

There is no fixed time. The statement comes out as soon as the meeting ends, usually close to noon Tokyo time. That is around 05:00 in Amsterdam in the European summer and around 04:00 in the winter.

When is the BoJ press conference?

At 3:30 in the afternoon Tokyo time on the day of the decision. In Amsterdam that is 08:30 in the European summer and 07:30 in the winter. The Governor takes questions for a little over an hour.

How often does the Bank of Japan meet?

Eight times a year, each time over two days. The meetings in January, April, July and October come with the Outlook Report, the Bank's forecasts for growth and inflation.

What is the Bank of Japan's inflation target?

A price stability target of 2%, measured as the yearly change in the consumer price index. The Bank set it in January 2013.

What are the BoJ Summary of Opinions and the minutes?

The Summary of Opinions collects what board members said at the meeting and comes out at 8:50 Tokyo time, one to two weeks after the decision. The full minutes follow after the next meeting. Both can move the yen when they show the board leaning further than the statement did.