Global Overview
All tracked central banks, side by side.
Over the past 3 months: 3 hiked, 1 cut, and 4 held steady across the 8 banks tracked here.
The situation, AI-generated and grounded in the real numbers above and the sources below
Reading recent coverage…
Fed
3.75%
0bp
As of 2026-08-04
ECB
2.25%
+25bp · 1 move
As of 2026-08-05
BoE
3.75%
0bp
As of 2026-08-03
BoJ
0.841%
+11bp · 1 move
As of 2026-06-01
PBoC
1.51%
-20bp · 4 moves
As of 2026-05-01
SNB
-0.25%
0bp · 3 moves
As of 2026-07-01
RBA
4.35%
+4bp · 2 moves
As of 2026-07-31
BoC
2.25%
0bp
As of 2026-08-03
Real coverage from the past 3 months
- India central bank to stay on hold even as peers pivot to rate hikes
Reuters · 2026-08-03
- Central banks for the world's major economies meet to set rates this month
marketplace.org · 2026-06-02
- Global central banks to announce policy decisions against backdrop of geopolitical tensions
Anadolu Ajansı · 2026-07-28
- Week Ahead for FX, Bonds: Fed, BOE Among Slew of Central Bank Decisions
wsj.com · 2026-06-12
Central Bank Room
Bank of Japan
Japan
Rates
BoJdoesn't publish one single official daily policy rate the way the Fed or ECB do, so this is the closest free market-rate proxy, not an official figure.
0.841%
Interbank call money rate — proxy for the BoJ's policy rate target
As of 2026-06-01
Monthly
Resolution
+11bp
Last move
2026-06-01
Rate decisions
2026-06-01
0.841% (+11bp)
11bp hike — moves like this are typically used to cool inflation or an overheating economy by making borrowing more expensive.
2026-01-01
0.728% (+17bp)
17bp hike — moves like this are typically used to cool inflation or an overheating economy by making borrowing more expensive.
The one-line note next to each move is a general description of what that type of decision typically does — not this bank's own stated reason for that specific move. "Explain more" generates a short AI summary grounded only in the real, dated news articles listed as sources beneath it (never the bank's official statement, and it may say there isn't enough coverage to explain confidently).
Monetary & budgetary policy, explained
What a policy rate does
A policy rate (like the one Bank of Japan sets) is the interest rate a central bank charges or pays on very short-term lending to commercial banks. Every other interest rate in the economy — mortgages, savings accounts, business loans, credit cards — is priced off that base rate, so moving it is the main lever a central bank has to influence the whole economy.
Hikes vs. cuts
Raising the rate ("hiking") makes borrowing more expensive and saving more attractive, which tends to slow spending and investment — used to cool inflation or an overheating economy. Cutting the rate does the opposite: cheaper borrowing encourages spending and investment, used to support a slowing economy or fight deflation/unemployment. Changes typically take months to fully feed through — this is often called the "transmission mechanism."
Monetary policy vs. budgetary (fiscal) policy
Monetary policy — interest rates and money supply — is set by the central bank, which is deliberately kept independent from elected government in most major economies. Budgetary (fiscal) policy — government spending and taxation — is set by the government itself. The two can reinforce each other (both loosening at once to boost growth) or work against each other (a government spending more while its central bank raises rates to fight the inflation that spending causes) — watching both together usually explains the economy better than either alone.
What tends to move when the rate moves
Currency: higher rates often attract foreign capital seeking yield, which can strengthen the currency (and vice versa). Bonds: bond prices generally move opposite to rate expectations. Equities: higher rates raise the discount rate used to value future company earnings, which tends to weigh on stock valuations, especially for growth companies. None of this is guaranteed or immediate — it's the general direction markets expect, not a formula.
Markets & the economy
Japan's stock market next to the policy rate — pick a period.
Left axis: policy rate (%). Right axis: Japanese equities (≈ Nikkei 225 / TOPIX), tracked via iShares MSCI Japan ETF (EWJ). The two lines are shown side by side for comparison — no correlation is implied; judge for yourself.
The situation over the past year — AI-generated, grounded in the real index move and sources below
Reading recent coverage…
Real coverage from the past year
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In the news
- Interest Rate Forecast: BOJ Eyes September Hike as Yen Intervention Pressures USDJPY
FXEmpire · 2026-08-02
- Japan real wages rise for sixth straight month, supporting BoJ rate hike (eventually) case
Forex Factory · 2026-08-04
- Bank of Japan to signal more rate hikes as price pressures build
Reuters · 2026-07-26
- Ueda Speech: BoJ Governor discusses policy outlook after the expected interest rate hold
FXStreet · 2026-07-31
- Investors warn Bank of Japan faces test to inflation-fighting credibility
Financial Times · 2026-07-30
- Bank of Japan rate hike a ‘done deal’ given inflation and weak yen
The Japan Times · 2026-06-11
Commentary
No commentary on BoJ yet — check back soon.