Japan changed its monetary framework in March 2024
The central bank moved away from negative short-term interest rates.
The event
On 19 March 2024, the Bank of Japan announced a new monetary policy framework. It judged that the previous framework, including negative interest rates and yield-curve control, had fulfilled its role. The bank set a guideline for the overnight call rate of around zero to 0.1%.
Why it matters
The decision matters because a change in the operating framework is broader than a single adjustment to a number. Investors and borrowers must understand both the policy objective and the instruments used to pursue it. This account records the March 2024 announcement, not the current setting of Japanese policy or a prediction for the yen and government bonds.
Sources & verification
Sources consulted on 30 September 2026. Event dates are stated above.
_05.jpg)
_05.jpg){kind=link}