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Data from FRED. Forecasts by Sigmanomics Forecast Engine.
JapanJapan Japan Interest Rate held to 0.73 Percent in March 2026
FREDMonthlyReleased April 2026
Japan Japan Interest Rate held to 0.73 Percent in March 2026, released April 2026.
Latest Release
0.727000
Actual
—
Consensus
0.727000
Previous
Sigmacast Track Record
Sigmacast track record will appear here once this indicator has been released 3+ times since Sigmanomics began tracking.
Sigmacast Σ-direction model: consensus + ½ × mean(surprise, trailing 90d).
CORRELATED SYMBOLS— markets that historically move with this indicator
| Symbol | Direction | Correlation | Asset Class | Signal Bias | Action |
|---|---|---|---|---|---|
| S&P 500 | ▲ Direct | +0.67 | INDEX | Bullish S&P 500 | → View |
| Hang Seng | ▲ Direct | +0.60 | INDEX | Bullish Hang Seng | → View |
| XAU/USD | ▼ Inverse | −0.29 | COMMODITIES | Bearish XAU | → View |
Correlation based on 12-month rolling window. Click any symbol to view its Sigmanomics forecast page.
THE RELEASE
Japan Interest Rate (Japan) was reported at 0.73 Percent in March 2026. The reading was unchanged from the previous release. Over the past 12 months, the indicator has averaged 0.59 Percent, ranging from 0.48 Percent to 0.73 Percent across 10 releases. This is classified as a high-impact indicator released on a monthly basis.
WHY IT MATTERS
The trailing three releases averaged 0.73 Percent, up from the prior three at 0.59 Percent. Volatility over the past year (σ 0.12 Percent) is lower than the prior year (σ 0.14 Percent). In April readings over the past 3 years, Japan Interest Rate has averaged 0.43 Percent.
THE MODEL'S TAKE
Historically, this indicator is positively correlated with S&P 500 (Bullish S&P 500). A secondary relationship exists with Hang Seng, positively correlated (Bullish Hang Seng).
WHAT TO WATCH NEXT
Same-country events in the next 14 days include Monetary Policy Statement (Jun 16) and BoJ Interest Rate Decision (Jun 16).
Auto-generated from current model state · Refreshes on each release · Last update April 2026.
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Japan Interest Rate - JP
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About Japan Interest Rate — Japan
DEFINITION
Japan Interest Rate held steady at 0.728% in January 2026, matching December’s level and maintaining its highest point since 2015. The rate surged from November’s 0.477%, marking a 0.251 percentage point increase over two months and signaling policy steadiness. Market reaction was muted as investors priced in continued Bank of Japan caution amid stable inflation and global monetary conditions. Updated 4/3/26
WHY THIS INDICATOR MATTERS
Policy-rate decisions and associated communication are the primary near-term driver of front-end rates, currencies, and equity-discount-rate inputs. Surprises against consensus typically move rates and currencies on release. Released monthly.
WHAT CHANGED THIS MONTH
Latest reading (Apr 2026): actual 0.727 Percent. Prior reading (Mar 2026): 0.728 Percent. Before that (Feb 2026): 0.728 Percent.
WHAT'S NEXT
Sigmacast's 1-month forecast points to a similar reading versus the latest print, with the 3-month outlook reinforcing that direction. Both horizons are aligned bearish for this indicator, suggesting a consistent trend signal. Trend-driven dynamics are the primary neutral force in the current projection. This indicator correlates most strongly with S&P 500 (Bullish S&P 500, r=0.67) — a useful reference for index-focused traders.