financecalendar.com

Bank of Japan Rate Decision December 2026
2026-12-18 00:00 - 23:59 UTC
Next Bank of Japan Rate Decision: Friday, December 18, 2026 at 12:00 pm JST (10:00 pm ET, 3:00 am London).

Consensus
Not yet published
Actual
Pending

Full schedule and background: Bank of Japan Rate Decision.
Updated August 25, 2026

← Previous Bank of Japan Rate Decision
The Bank of Japan (BoJ) will announce its final 2026 monetary policy decision on Friday, 18 December 2026. The Policy Board meets over two days (17-18 December), with “The Bank’s View” statement released on 18 December. December 2026 is a non-Quarterly Outlook Report meeting but is historically significant as the last decision of the year, often setting the tone for monetary policy heading into 2027. As of June 2026, the BoJ is in a gradual tightening cycle, with the policy rate at 0.75%, moving toward a previously indicated target of around 1.0%.
Bank of Japan Monetary Policy Decision: December 18, 2026
December’s meeting is the eighth and final scheduled monetary policy meeting of 2026. It comes after the October Quarterly Outlook Report, which will have provided the most recent comprehensive update on the BoJ’s economic and inflation forecasts. By December, the Policy Board will have assessed the full body of data from throughout 2026: the outcomes of previous rate decisions, the trajectory of core CPI, wage dynamics, growth indicators, and global conditions.
December 2025 was itself a significant meeting, delivering the hike from 0.50% to 0.75% that initiated the current phase of normalisation. A year on, markets will be watching whether the BoJ delivers another December hike, consolidates a rate already raised to 1.0% at an earlier meeting, or signals a pause heading into 2027.
What to Expect
The December meeting will be shaped by the full year’s accumulated data. By December 2026, the BoJ will have the benefit of Japan’s GDP data through the third quarter, CPI readings through October or November, and a comprehensive view of whether the wage-price cycle established in 2026 has been self-sustaining. The Bank has repeatedly cited the importance of wage growth flowing through to services inflation as the key condition for sustainable 2% inflation.
If the BoJ has progressed to 1.0% by the October meeting or earlier, December’s question will be whether to hold at 1.0% or to signal further normalisation. The Bank’s April 2026 Outlook Report mentioned 1.0% as a direction of travel but did not provide an explicit endpoint for the tightening cycle. By December, the Board may provide clearer guidance on the terminal rate and the pace of any further hikes in 2027.
Global conditions heading into year-end will also factor in. The FOMC will announce its December 2026 decision on 9 December, nine days before the BoJ meeting, providing the most recent read on US policy. Year-end liquidity conditions, yen-dollar dynamics, and any global growth developments from the fourth quarter will inform the BoJ’s final 2026 decision.
The December meeting is also important for its symbolic function as the annual closing statement. The Governor’s press conference will be watched for any indication of the policy path in 2027, including how the Board views the balance of risks between further tightening and the potential economic drag from previous hikes.
Rate Decision History

Date
Decision
Rate
Vote

April 2026
Hold
0.75%
6-3

March 2026
Hold
0.75%
8-1

January 2026
Hold
0.75%
Majority

December 2025
Hike +25bp
0.75%
Majority

October 2025
Hold
0.50%
Majority

July 2025
Hold
0.50%
Majority

June 2025
Hold
0.50%
Majority

January 2025
Hike +25bp
0.50%
Majority

Market Impact Scenarios

Hold with forward guidance on 2027 – A hold in December, following any hikes delivered earlier in the year, would be taken as confirmation that the BoJ has reached a temporary peak and is assessing the impact of previous tightening. The Governor’s language about 2027 policy would be the key market driver. Any suggestion that the tightening cycle is not complete, and that further hikes are expected in 2027, would support yen strength and JGB yield increases.
Hike 25bp (if still at 0.75% or 1.00%) – A year-end hike, following the precedent of the December 2025 move, would be significant and would confirm the BoJ’s commitment to continued normalisation. The yen would strengthen, the Nikkei 225 would fall, and JGB yields would rise. The global carry trade implications would be significant given year-end liquidity conditions and the potential for outsized market moves.
Hold with dovish signals – If economic data through Q3 and Q4 2026 suggests that prior hikes are dampening growth more than expected, the Board may hold in December and soften its forward guidance. This would be taken as a signal that the tightening cycle may be complete or near completion. The yen could weaken, Japanese equities could rally, and JGB yields could ease on the expectation of a prolonged pause or eventual reversal.

Statement and Press Conference
December is a non-Quarterly Outlook Report meeting, so the statement will be shorter than the full publication produced in October. However, the Governor’s press conference takes on added significance as the year-end communications opportunity, and journalists will press for clarity on the rate path in 2027. The Bank’s language about the pace of future normalisation, the conditions it would need to see for further hikes, and any updated assessment of Japan’s economic resilience will be closely parsed.
Any language indicating that the BoJ’s real policy rate remains significantly below the neutral rate would signal continued intent to tighten. Any language suggesting that current rates are already providing meaningful restraint, or that global conditions warrant caution, would signal a more patient approach in 2027.
Related Events

FOMC Rate Decision December 2026 – The Federal Reserve’s December 9 decision, nine days before the BoJ, providing the most recent signal on US monetary policy and the US-Japan rate differential heading into year-end.
Bank of England MPC Rate Decision December 2026 – The BoE’s December 17 decision, the day before the BoJ, providing global context ahead of the final BoJ meeting of 2026.
Bank of Japan Rate Decision October 2026 – The preceding Quarterly Outlook Report decision on 30 October, likely to set the context and direction for December.

Frequently Asked Questions
What has the Bank of Japan’s tightening cycle looked like since 2024?
The BoJ began unwinding decades of ultra-loose monetary policy in March 2024 when it ended its negative interest rate policy. Subsequent hikes brought the uncollateralized overnight call rate to 0.25% in July 2024 and 0.50% in January 2025. After multiple holds in 2025, the Bank hiked again in December 2025, bringing the rate to 0.75%. In 2026, the Bank has been assessing conditions for a further move toward 1.0%, with three consecutive holds in the face of geopolitical uncertainty and elevated dissent within the Policy Board.
When will the December 2026 BoJ decision be announced?
The decision will be released on Friday, 18 December 2026, following the two-day meeting on 17-18 December. The announcement typically occurs around midday JST (3:00-4:00 am GMT), with the Governor’s press conference in the afternoon.
What is the neutral rate for Japan and how close is the BoJ to it?
The BoJ has not published an explicit estimate of Japan’s neutral interest rate, but Deputy Governor statements have suggested it is “significantly higher” than the current policy rate. Academic and market estimates place Japan’s neutral rate in a range of roughly 1.0-2.5%, depending on assumptions about long-run real growth and inflation. At 0.75-1.0%, the BoJ’s policy rate is still below most estimates of neutral, implying that further hikes are likely before policy is considered truly neutral. This provides the theoretical case for continued normalisation in 2027 and beyond.
Featured image: Photo by Clement Souchet on Unsplash.

PBoC Loan Prime Rate December 2026
2026-12-20 20:00 - 21:00 (America/New_York)
Next PBoC Loan Prime Rate: Monday, December 21, 2026 at 9:00 am CST (8:00 pm ET, 1:00 am London).

Consensus
Not yet published
Prior
Held at 3.0% (1-year) / 3.5% (5-year), unchanged since May 20, 2025
Actual
Pending

Full schedule and background: PBoC Loan Prime Rate.
Updated September 2, 2026

← Previous PBoC Loan Prime Rate
The People’s Bank of China (PBoC) announces its Loan Prime Rate (LPR) decision for December 2026 on Monday, December 21, 2026, at 9:00 am China Standard Time (CST), which is 8:00 pm ET the previous day and 1:00 am London time. The rate is published by the National Interbank Funding Center (NIFC) under authorisation from the PBoC. It has held at 3.0% for the one-year LPR and 3.5% for the five-year LPR for most of 2026. Full schedule and background: PBoC Loan Prime Rate.
What is the PBoC and what does it decide?
The People’s Bank of China is the country’s central bank. It oversees monetary policy, financial regulation and currency issuance for the world’s second-largest economy. Unlike the US Federal Reserve or the Bank of England, the PBoC does not hold scheduled policy meetings with a rate-setting committee that votes in public. Instead, it steers borrowing costs through a mix of tools, including the Medium-term Lending Facility (MLF), reverse repo operations and guidance to the 18 commercial banks that submit LPR quotations each month.
The Loan Prime Rate is calculated as a weighted average of lending rates quoted by these banks, based on what they bid for PBoC liquidity in open market operations. There are two tenors: the one-year LPR, which benchmarks most corporate and household loans, and the over-five-year LPR, which serves as the reference for mortgage pricing across China.
The rate is published monthly, on the 20th of each month (or the next business day if the 20th falls on a weekend or holiday). This makes the LPR one of the most closely watched monthly data points for anyone tracking China’s property market, credit conditions or the yuan.
When is the December PBoC decision announced?
The December 2026 LPR fixing is due on Monday, December 21, 2026, at 9:00 am CST (8:00 pm ET the prior day, 1:00 am in London). The PBoC does not hold a press conference alongside the LPR announcement and does not publish minutes or a dot plot in the way the Fed or Bank of England do. The figure is released as a short statement on the PBoC’s official website, giving the one-year and five-year rates with immediate effect until the next fixing.
What to expect
China has held both the one-year and five-year LPR unchanged since the last cut on May 20, 2025, when the one-year rate was lowered to 3.0% and the five-year rate to 3.5%. Economists surveyed by Reuters have generally expected the PBoC to hold rates steady through most of 2026, according to reporting from CNBC, as policymakers weigh resilient growth data against a weak property sector and mounting external risks. Some analysts have flagged the possibility of a surprise cut given soft industrial output, retail sales and record contractions in new bank lending, according to InvestingLive, though this remains a minority view rather than a base case.

Meeting
Decision
Rate after meeting (1-year / 5-year)

May 2025
Cut 10bp
3.0% / 3.5%

August 2025
Hold
3.0% / 3.5%

September 2025
Hold
3.0% / 3.5%

October 2025
Hold
3.0% / 3.5%

December 2025
Hold
3.0% / 3.5%

April 2026
Hold
3.0% / 3.5%

August 2026
Hold
3.0% / 3.5%

Market impact scenarios

Scenario
Likely market read
What it means in plain English

Hold
Widely expected given a string of holds through 2026, according to Trading Economics data
No change to mortgage or business loan benchmarks in China; markets treat this as the status quo continuing

Cut
Would be read as a fresh easing signal amid weak property and lending data
Cheaper mortgages and business loans in China, likely weaker yuan, and a possible lift for Chinese equities and regional risk sentiment

Guidance shift
Any accompanying commentary on the property sector or credit growth is watched closely by analysts
Signals whether Beijing plans further stimulus in early 2027, which matters for anyone exposed to Chinese growth through trade, commodities or emerging market funds

What will the statement and press conference signal?
Because there is no press conference, markets rely on the bare numbers plus any surrounding PBoC commentary from its quarterly Monetary Policy Report or public remarks by officials. Analysts watch for whether the central bank references property prices, new yuan loan growth or export demand tied to AI-related manufacturing, all factors that have shaped recent decisions. A move in either tenor without the other (for example, a five-year cut alone) would be read as a targeted attempt to support mortgages and the housing market without loosening broader credit conditions.
What It Means for Your Money
For homeowners and buyers in China, the five-year LPR directly feeds into mortgage pricing, so a hold means no immediate change to monthly repayments, while a cut would lower borrowing costs for new and some existing mortgages. For businesses borrowing in yuan, the one-year LPR affects the cost of working capital loans.
Outside China, the decision matters mainly through currency and trade channels. A steady or lower LPR alongside weak Chinese demand can weigh on the yuan, which in turn affects the pound, euro and dollar through China’s role in global trade and commodity demand. Investors in UK and eurozone funds with exposure to Chinese equities, luxury goods, mining or automotive stocks often see share prices move on LPR day. Pension funds and multi-asset portfolios with emerging market allocations can feel a similar effect. There is no direct link to UK or eurozone savings rates or mortgage pricing, but persistent weakness in Chinese growth can filter through to global bond yields and, over time, borrowing costs elsewhere.
Related events

Previous decision: PBoC Loan Prime Rate, November 2026
Full PBoC LPR schedule and history: PBoC Loan Prime Rate
China’s official LPR announcements are published on the People’s Bank of China website

Frequently Asked Questions
What time is the December 2026 PBoC LPR announced?
The rate is published at 9:00 am China Standard Time on December 21, 2026, which is 8:00 pm ET the previous day and 1:00 am in London.
What is the current PBoC Loan Prime Rate?
As of the most recent fixings in 2026, the one-year LPR stood at 3.0% and the over-five-year LPR at 3.5%, unchanged since May 2025.
Will the PBoC cut rates in December 2026?
A consensus forecast for this specific fixing has not yet been published. Economists surveyed by Reuters ahead of prior 2026 meetings generally expected holds, though some analysts have flagged the possibility of a surprise cut given weak lending and property data.
When is the next PBoC LPR decision?
The PBoC publishes the LPR on the 20th of each month, or the next business day if that date falls on a weekend or holiday, so the next fixing follows in January 2027.
Where can I watch the official announcement?
The PBoC publishes the LPR directly on its official website rather than through a televised press conference.
← Previous PBoC Loan Prime Rate

FOMC Minutes December 2026
2026-12-30 14:00 - 15:00 (America/New_York)
Next FOMC Minutes: Wednesday, December 30, 2026 at 2:00 pm ET (7:00 pm London).
Date to be confirmed by the publisher; this is the scheduled date.

Consensus
Not yet published
Prior
Not independently verified for this release
Actual
Pending

Full schedule and background: FOMC Minutes.
Updated September 2, 2026

← Previous FOMC Minutes
The Federal Open Market Committee (FOMC) publishes the minutes of its December 2026 meeting on December 30, 2026 at 2:00 pm ET (7:00 pm London). The minutes are a detailed account of the discussion that took place at the meeting, released three weeks after the decision itself, and they give investors a fuller picture of the debate behind the Federal Reserve’s policy stance than the short statement issued on the day. Full schedule and background: FOMC Minutes.
What is the FOMC and what does it decide?
The FOMC is the Federal Reserve’s monetary policy committee. It sets the federal funds rate, the interest rate at which banks lend to each other overnight, which in turn influences borrowing costs across the US economy, from mortgages to credit cards to business loans. The Committee’s mandate, set by Congress, is to pursue maximum employment and stable prices, generally interpreted as inflation of around 2% over time.
The FOMC is made up of the seven members of the Federal Reserve Board of Governors and five of the twelve regional Federal Reserve Bank presidents, with the president of the Federal Reserve Bank of New York holding a permanent vote. The other reserve bank presidents vote on a rotating basis. The Committee meets eight times a year, roughly every six to seven weeks, to review economic data and decide whether to change, hold or continue adjusting interest rates.
Because the US dollar underpins global trade and borrowing, decisions made in this room in Washington ripple outward. Changes in the federal funds rate affect the cost of dollar funding for companies and governments worldwide, and they shape how central banks in London, Frankfurt and Tokyo think about their own policy paths.
When are the December 2026 FOMC minutes released?
The minutes are published on December 30, 2026 at 2:00 pm ET (7:00 pm London). The Federal Reserve has not yet formally confirmed this date at the time of writing, because minutes are typically released three weeks after the corresponding policy meeting, so the exact date can shift slightly depending on the Fed’s calendar. The underlying meeting itself would have taken place in mid-December 2026, with the rate decision and press conference announced on the final day, following the pattern the Fed uses at every meeting with updated economic projections.
Unlike the statement released immediately after a meeting, the minutes run to several thousand words and cover the Committee’s assessment of growth, the labour market, inflation, financial conditions and the risks around its outlook, along with the range of views expressed by participants on the appropriate path for interest rates.
What to expect
Because the federal funds rate for late 2026 depends on decisions the Committee has not yet made, and because no verified consensus forecast for the December 2026 minutes was found in official Federal Reserve sourcing, a consensus forecast has not yet been published for this specific release. Market participants typically use tools such as the CME FedWatch tool, which tracks futures pricing to estimate the probability of a rate change, and surveys such as the Reuters poll of economists, to gauge expectations ahead of both the meeting and the minutes.
The minutes themselves do not contain a new decision. Instead, traders and analysts read them for clues on how divided the Committee was, how policymakers characterised inflation and labour market risks, and whether any officials argued for a different pace of rate changes than the one chosen. This detail can move bond yields and the dollar even though no new rate decision is being made.
Market impact scenarios

Scenario
Likely market read
What it means in plain English

Minutes show broad consensus for the December decision
Muted reaction; markets treat the outcome as already priced in, according to typical trading desk commentary reported by Reuters after past minutes releases
Investors see little new information, so borrowing costs and stock prices are unlikely to move much on the day

Minutes reveal notable dissent or debate over further cuts
Bond yields and the dollar can become more volatile as traders reassess the pace of future rate changes
Mortgage rates and other borrowing costs could shift as investors adjust their expectations for the Fed’s next move

Minutes signal concern about persistent inflation
Markets may price in fewer or slower rate cuts, lifting the dollar and Treasury yields, per the pattern seen after past hawkish minutes
Higher expected borrowing costs for longer, which can weigh on stock valuations and mortgage affordability

What will the minutes signal?
Analysts will look closely at how the Committee described the balance of risks between inflation and employment, since this framing often previews the tone of future statements. Any language suggesting officials are divided over the appropriate pace of further changes, sometimes called “dissent risk”, tends to draw attention because it can hint at a bumpier path for rates in early 2027.
The minutes may also discuss the Fed’s balance sheet, the portfolio of Treasury bonds and mortgage-backed securities it holds, and whether the Committee debated slowing or stopping the reduction of that portfolio, a process known as quantitative tightening. Commentators watching for forward guidance will pay attention to any hints about the conditions the Fed would need to see before adjusting policy again.
What It Means for Your Money
For homeowners and buyers, the federal funds rate influences the cost of new mortgages and the rates on adjustable loans, so any signal from the minutes about the future path of rates can move mortgage pricing even without a new decision. Savers with cash in high-yield savings accounts or money market funds tend to see returns move in the same direction as the policy rate, so a hint of further cuts ahead can mean lower interest on cash over time.
Credit card and personal loan rates, which are often tied to the prime rate, follow the federal funds rate with a lag, so changes flagged in the minutes can filter through to household borrowing costs within a few statement cycles. For investors, stock and bond markets react to any shift in expectations about future Fed policy, since lower rates generally support share prices and bond values, while a more hawkish tone can weigh on both.
Beyond the US, the dollar’s moves affect the pound and the euro. A dollar that strengthens on hawkish minutes can make imports cheaper for US consumers but can squeeze emerging market borrowers and raise the cost of dollar-denominated debt for companies and governments in the UK, the eurozone and Asia. UK and eurozone mortgage rates are not directly set by the Fed, but global bond yields often move together, so a shift in US rate expectations can nudge gilt and Bund yields, feeding through to mortgage pricing in Britain and the eurozone. Pension funds and other institutional investors holding US assets are also exposed to these swings through their bond and equity portfolios.
Related events

Previous minutes release: FOMC Minutes, November 2026
Full FOMC schedule and background: FOMC Minutes hub
Check the Federal Reserve’s own calendar for the confirmed meeting and minutes dates at the Federal Reserve’s FOMC calendar

Frequently Asked Questions
What time are the December 2026 FOMC minutes released?
The minutes are scheduled for 2:00 pm ET (7:00 pm London) on December 30, 2026, though the Federal Reserve has not formally confirmed this date, since minutes are usually published three weeks after the underlying meeting.
Will the FOMC minutes contain a new rate decision?
No. The minutes are a record of the discussion at the meeting already held earlier in December 2026; the rate decision itself was announced at that meeting, not in the minutes.
What is the current federal funds rate?
The prevailing federal funds rate depends on the outcome of the FOMC’s mid-December 2026 meeting, which had not been independently verified through official Federal Reserve sourcing at the time this page was prepared.
When is the next FOMC meeting?
The FOMC typically meets eight times a year, roughly every six to seven weeks; check the Federal Reserve’s own calendar, linked above, for the confirmed date of the next meeting after December 2026.
Where can I read the minutes when they are published?
The minutes are published directly on the Federal Reserve’s website and are typically covered in real time by major financial news outlets such as Reuters and Bloomberg.
← Previous FOMC Minutes
