Japón
Japan targets an overnight rate around 1.25%. The yen matters again.
The Bank of Japan decision calls for separate reviews of financing, currency and international exposure.
The fact
On September 18, the Bank of Japan voted seven to two to guide the uncollateralised overnight call rate to around 1.25%. This is its operational monetary policy target.
Why it matters for capital
The change affects the starting point for assessing yen financing. Returns on an international investment also depend on hedging costs and currency movements.
The scenarios
The adjustment could be absorbed gradually or strain positions dependent on cheap funding. The decision alone does not establish that capital outflows will follow.
The next signal
Watch central bank communication, inflation, wages and financing conditions. Update at the next meeting or after a material change.
Sources, dates and method
Data period: Decisión del 18 de septiembre de 2026
Accessed: 30/09/2026. Original ALTA EDICIÓN summary and analysis. Scenarios are editorial interpretation. Source references open within ALTA EDICIÓN.