--- title: "ATFX Market Commentary: Bank of Japan Keeps Interest Rate Unchanged at 0.75%, but Three Committee Members Support a Hike" type: "Topics" locale: "en" url: "https://longbridge.com/en/topics/40257514.md" description: "ATFX Market Review: At 11:04 today, the Bank of Japan announced its interest rate decision, keeping the benchmark rate unchanged at 0.75%, in line with market expectations. Six committee members supported maintaining the status quo, while three voted for a rate hike. They were Nakagawa, Takada, and Tamura. Their reason for supporting a hike was that changes in the international situation have tilted Japan's price risks upward. ▲Within one minute of the data release, the USD/JPY pair plummeted sharply. The opening, closing, highest, and lowest prices were: 159.48, 159.22, 159.55, 159.21 points..." datetime: "2026-04-28T11:27:05.000Z" locales: - [en](https://longbridge.com/en/topics/40257514.md) - [zh-CN](https://longbridge.com/zh-CN/topics/40257514.md) - [zh-HK](https://longbridge.com/zh-HK/topics/40257514.md) author: "[交易员说](https://longbridge.com/en/profiles/25527811.md)" --- # ATFX Market Commentary: Bank of Japan Keeps Interest Rate Unchanged at 0.75%, but Three Committee Members Support a Hike **ATFX Market Review:** At 11:04 today, the Bank of Japan announced its interest rate decision, keeping the benchmark rate unchanged at 0.75%, in line with market expectations. Six members supported holding steady, while three members voted for a rate hike. They are Nakagawa, Takada, and Tamura. Their reason for supporting a hike is that changes in the international situation have tilted Japan's price risks upward. ▲ATFX Chart Within one minute of the data release, the USD/JPY pair plummeted sharply. The opening, closing, highest, and lowest prices were: 159.48, 159.22, 159.55, and 159.21 points respectively. The maximum drop within one minute was 34 points, and the K-line body range was 26 points. In the following minutes, the K-lines were both bullish and bearish, maintaining a sideways trend overall. Starting at 11:19, USD/JPY began a second decline, and as of this report, the downtrend is still continuing. The reason the yen appreciated despite the BoJ not raising rates is mainly because the number of members supporting a hike increased from 2 to 3. The persistently rising inflation risks continue to fuel strong expectations for a rate hike. Takada and Tamura already supported a hike in the previous decision, and Nakagawa is the new member supporting a hike this time. ▲ATFX Chart In the BoJ's policy statement, it was stated very directly: Inflation expectations may continue to rise moderately, and interest rates will continue to be raised based on economic, price, and financial market developments. This means the BoJ's rate hike path remains unchanged; it's just that during the turbulent international situation, a temporary strategy of holding steady is being adopted. ▲ATFX Chart At 7:30 this morning, Japan released its March unemployment rate data, with the latest figure at 2.6%, down 0.1 percentage points from the previous value. Japan's labor market has remained in a state of full employment, so this data had little impact on the short-term USD/JPY movement. The one-minute K-line after the data release showed opening, closing, highest, and lowest prices of: 159.41, 159.42, 159.42, and 159.41 respectively. The maximum fluctuation within one minute was only one point, and the opening and closing prices differed by only one point, indicating no unexpected changes in the market. At 2:30 PM today, BoJ Governor Kazuo Ueda will hold a monetary policy press conference. Focus will be on his statements regarding the number of rate hikes in 2026. If he comments on the current and future inflation situation, attention should be paid to his hawkish or dovish stance. If he expresses confidence in future inflation increases, the yen may benefit, and the USD/JPY downtrend could continue in the afternoon. ▲ATFX Chart Looking at the bond market, the one-month Japanese government bond yield is 0.73%, almost flat with the BoJ's benchmark rate; the one-year JGB yield is 1.05%, about 30 basis points higher than the BoJ's 0.75% benchmark rate. This implies the BoJ will raise rates at least once in 2026. It should be noted that even though the BoJ is in a rate hike cycle while the Fed has rate cut expectations, USD/JPY still maintains a medium-to-long-term upward trend, meaning the yen continues to depreciate against the dollar. The reason is that even after multiple hikes, the BoJ's benchmark rate remains relatively low, making it difficult to change the current international capital flow of funding in low-interest yen and investing in high-interest dollars. **ATFX Risk Warning, Disclaimer, Special Statement:** The market carries risks, invest with caution. The above content represents only the analyst's personal views and does not constitute any investment advice. Do not treat this report as the sole reference. The analyst's views may change over time, and updates will not be notified separately.