{
 "id": "jp-realrate",
 "name": "Real policy rate",
 "region": "japan",
 "layer": "cycle",
 "unit": "%",
 "cadence": "monthly",
 "state": "normal",
 "qualifier": "0.86 pp below",
 "threshold": {
  "label": "\u003e 10-yr mean + 1 pp, and rising",
  "op": "gt",
  "value": -0.366725
 },
 "distance": 0.855275,
 "score": 71.4,
 "latest": {
  "period": "2026-07-01",
  "value": -1.222
 },
 "stale": false,
 "trend": "tightening",
 "publisher": "worldstat.us, from the two series below",
 "series_code": "jp-callrate minus jp-corecpi",
 "licence": "Derived from the component series; see their licences",
 "description": "The policy rate minus core CPI inflation (excluding fresh food and energy) over the past year, read at the end of each month: how hard monetary policy is braking. The threshold is the series' own ten-year mean plus one point, so each region has a baseline that fits its history and nothing is estimated. It triggers only while the policy rate is also higher than six months earlier; above the level with rates on hold or falling it is on Watch.",
 "points": [
  {
   "period": "2016-01-01",
   "value": -0.83
  },
  {
   "period": "2016-02-01",
   "value": -0.97
  },
  {
   "period": "2016-03-01",
   "value": -0.903
  },
  {
   "period": "2016-04-01",
   "value": -0.836
  },
  {
   "period": "2016-05-01",
   "value": -0.759
  },
  {
   "period": "2016-06-01",
   "value": -0.755
  },
  {
   "period": "2016-07-01",
   "value": -0.543
  },
  {
   "period": "2016-08-01",
   "value": -0.443
  },
  {
   "period": "2016-09-01",
   "value": -0.252
  },
  {
   "period": "2016-10-01",
   "value": -0.337
  },
  {
   "period": "2016-11-01",
   "value": -0.249
  },
  {
   "period": "2016-12-01",
   "value": -0.144
  },
  {
   "period": "2017-01-01",
   "value": -0.245
  },
  {
   "period": "2017-02-01",
   "value": -0.138
  },
  {
   "period": "2017-03-01",
   "value": 0.058
  },
  {
   "period": "2017-04-01",
   "value": -0.054
  },
  {
   "period": "2017-05-01",
   "value": -0.053
  },
  {
   "period": "2017-06-01",
   "value": -0.056
  },
  {
   "period": "2017-07-01",
   "value": -0.154
  },
  {
   "period": "2017-08-01",
   "value": -0.249
  },
  {
   "period": "2017-09-01",
   "value": -0.258
  },
  {
   "period": "2017-10-01",
   "value": -0.237
  },
  {
   "period": "2017-11-01",
   "value": -0.348
  },
  {
   "period": "2017-12-01",
   "value": -0.342
  },
  {
   "period": "2018-01-01",
   "value": -0.44
  },
  {
   "period": "2018-02-01",
   "value": -0.542
  },
  {
   "period": "2018-03-01",
   "value": -0.562
  },
  {
   "period": "2018-04-01",
   "value": -0.463
  },
  {
   "period": "2018-05-01",
   "value": -0.361
  },
  {
   "period": "2018-06-01",
   "value": -0.271
  },
  {
   "period": "2018-07-01",
   "value": -0.37
  },
  {
   "period": "2018-08-01",
   "value": -0.459
  },
  {
   "period": "2018-09-01",
   "value": -0.458
  },
  {
   "period": "2018-10-01",
   "value": -0.46
  },
  {
   "period": "2018-11-01",
   "value": -0.371
  },
  {
   "period": "2018-12-01",
   "value": -0.368
  },
  {
   "period": "2019-01-01",
   "value": -0.464
  },
  {
   "period": "2019-02-01",
   "value": -0.455
  },
  {
   "period": "2019-03-01",
   "value": -0.441
  },
  {
   "period": "2019-04-01",
   "value": -0.667
  },
  {
   "period": "2019-05-01",
   "value": -0.549
  },
  {
   "period": "2019-06-01",
   "value": -0.562
  },
  {
   "period": "2019-07-01",
   "value": -0.671
  },
  {
   "period": "2019-08-01",
   "value": -0.645
  },
  {
   "period": "2019-09-01",
   "value": -0.559
  },
  {
   "period": "2019-10-01",
   "value": -0.521
  },
  {
   "period": "2019-11-01",
   "value": -0.643
  },
  {
   "period": "2019-12-01",
   "value": -0.638
  },
  {
   "period": "2020-01-01",
   "value": -0.632
  },
  {
   "period": "2020-02-01",
   "value": -0.416
  },
  {
   "period": "2020-03-01",
   "value": -0.447
  },
  {
   "period": "2020-04-01",
   "value": -0.036
  },
  {
   "period": "2020-05-01",
   "value": -0.247
  },
  {
   "period": "2020-06-01",
   "value": -0.248
  },
  {
   "period": "2020-07-01",
   "value": -0.228
  },
  {
   "period": "2020-08-01",
   "value": -0.135
  },
  {
   "period": "2020-09-01",
   "value": -0.254
  },
  {
   "period": "2020-10-01",
   "value": -0.32
  },
  {
   "period": "2020-11-01",
   "value": -0.232
  },
  {
   "period": "2020-12-01",
   "value": -0.126
  },
  {
   "period": "2021-01-01",
   "value": -0.117
  },
  {
   "period": "2021-02-01",
   "value": -0.116
  },
  {
   "period": "2021-03-01",
   "value": -0.217
  },
  {
   "period": "2021-04-01",
   "value": -0.312
  },
  {
   "period": "2021-05-01",
   "value": -0.317
  },
  {
   "period": "2021-06-01",
   "value": -0.329
  },
  {
   "period": "2021-07-01",
   "value": -0.536
  },
  {
   "period": "2021-08-01",
   "value": -0.634
  },
  {
   "period": "2021-09-01",
   "value": -0.622
  },
  {
   "period": "2021-10-01",
   "value": -0.627
  },
  {
   "period": "2021-11-01",
   "value": -0.739
  },
  {
   "period": "2021-12-01",
   "value": -0.726
  },
  {
   "period": "2022-01-01",
   "value": -0.62
  },
  {
   "period": "2022-02-01",
   "value": -0.718
  },
  {
   "period": "2022-03-01",
   "value": -0.908
  },
  {
   "period": "2022-04-01",
   "value": -1.212
  },
  {
   "period": "2022-05-01",
   "value": -1.218
  },
  {
   "period": "2022-06-01",
   "value": -1.438
  },
  {
   "period": "2022-07-01",
   "value": -1.612
  },
  {
   "period": "2022-08-01",
   "value": -1.918
  },
  {
   "period": "2022-09-01",
   "value": -2.149
  },
  {
   "period": "2022-10-01",
   "value": -2.75
  },
  {
   "period": "2022-11-01",
   "value": -3.167
  },
  {
   "period": "2022-12-01",
   "value": -3.37
  },
  {
   "period": "2023-01-01",
   "value": -3.32
  },
  {
   "period": "2023-02-01",
   "value": -3.619
  },
  {
   "period": "2023-03-01",
   "value": -3.917
  },
  {
   "period": "2023-04-01",
   "value": -4.115
  },
  {
   "period": "2023-05-01",
   "value": -4.351
  },
  {
   "period": "2023-06-01",
   "value": -4.366
  },
  {
   "period": "2023-07-01",
   "value": -4.346
  },
  {
   "period": "2023-08-01",
   "value": -4.364
  },
  {
   "period": "2023-09-01",
   "value": -4.254
  },
  {
   "period": "2023-10-01",
   "value": -3.82
  },
  {
   "period": "2023-11-01",
   "value": -3.515
  },
  {
   "period": "2023-12-01",
   "value": -3.412
  },
  {
   "period": "2024-01-01",
   "value": -3.414
  },
  {
   "period": "2024-02-01",
   "value": -3.006
  },
  {
   "period": "2024-03-01",
   "value": -2.778
  },
  {
   "period": "2024-04-01",
   "value": -2.323
  },
  {
   "period": "2024-05-01",
   "value": -2.023
  },
  {
   "period": "2024-06-01",
   "value": -2.023
  },
  {
   "period": "2024-07-01",
   "value": -1.822
  },
  {
   "period": "2024-08-01",
   "value": -1.873
  },
  {
   "period": "2024-09-01",
   "value": -1.973
  },
  {
   "period": "2024-10-01",
   "value": -2.173
  },
  {
   "period": "2024-11-01",
   "value": -2.273
  },
  {
   "period": "2024-12-01",
   "value": -2.273
  },
  {
   "period": "2025-01-01",
   "value": -2.307
  },
  {
   "period": "2025-02-01",
   "value": -2.222
  },
  {
   "period": "2025-03-01",
   "value": -2.523
  },
  {
   "period": "2025-04-01",
   "value": -2.723
  },
  {
   "period": "2025-05-01",
   "value": -3.023
  },
  {
   "period": "2025-06-01",
   "value": -3.123
  },
  {
   "period": "2025-07-01",
   "value": -3.122
  },
  {
   "period": "2025-08-01",
   "value": -3.023
  },
  {
   "period": "2025-09-01",
   "value": -2.723
  },
  {
   "period": "2025-10-01",
   "value": -2.823
  },
  {
   "period": "2025-11-01",
   "value": -2.722
  },
  {
   "period": "2025-12-01",
   "value": -2.543
  },
  {
   "period": "2026-01-01",
   "value": -1.872
  },
  {
   "period": "2026-02-01",
   "value": -1.772
  },
  {
   "period": "2026-03-01",
   "value": -1.772
  },
  {
   "period": "2026-04-01",
   "value": -1.473
  },
  {
   "period": "2026-05-01",
   "value": -1.373
  },
  {
   "period": "2026-06-01",
   "value": -1.159
  },
  {
   "period": "2026-07-01",
   "value": -1.222
  }
 ],
 "url": "https://worldstat.us/indicator/jp-realrate"
}