Bank of Japan Policy Rate — Schedule
The Bank of Japan (BOJ) sets Japanese monetary policy — its decisions on policy rate, yield curve control (YCC), and asset purchases drive USDJPY, EURJPY, and the Nikkei.
About BOJ Policy Rate
The BOJ meets 8 times per year. Policy statements release between 03:00-06:00 UTC on the meeting day, followed by a press conference with the Governor.
The BOJ's yield curve control policy caps 10-year JGB yields at a target level — any tweak to this level can move USDJPY 100-200 pips instantly.
Japanese authorities occasionally intervene directly in FX markets to support the yen — these interventions happen outside meeting days and can move USDJPY 400+ pips in minutes.
How BOJ Policy Rate moves forex markets
- USDJPY, EURJPY, and GBPJPY see the largest moves. The Nikkei 225 reacts inversely to yen strength.
- The press conference with the BOJ Governor can reverse the initial decision reaction — listen for language on YCC, bond purchases, and the timing of policy normalization.
Frequently asked questions
When is the next BOJ meeting?
See the schedule above — the BOJ meets 8 times per year. Decisions release between 03:00-06:00 UTC, with exact timing varying by meeting.