[{"data":1,"prerenderedAt":-1},["ShallowReactive",2],{"news:boj-kinri-2025":3},{"meta":4,"markdown":67},{"type":5,"articleId":6,"slug":7,"title":8,"titleEn":9,"category":10,"summary":11,"publishedAt":12,"image":13,"tags":14,"vocabulary":16},"news","news-boj-kinri-2025","boj-kinri-2025","日銀の利上げと円相場 — マイナス金利解除から正常化へ","BOJ Rate Hikes and the Yen: From Negative Rates to Normalization","japan-economy","In March 2024, the Bank of Japan ended its negative interest rate policy for the first time in 17 years. This article walks through the staged rate hikes from 0% toward 0.5%, the dismantling of YCC, the impact on the yen and JGB markets, and how wage-growth trends and Governor Ueda's stance differ from the Kuroda era.\n","2026-04-15T00:00:00Z","https:\u002F\u002Fimages.yamiyomi.com\u002Fnews-boj-kinri-2025.png",[15],"boj",[17,22,26,30,35,39,43,47,51,55,59,63],{"word":18,"reading":19,"meaning":20,"level":21},"日銀","にちぎん","Bank of Japan (abbr.)","N2",{"word":23,"reading":24,"meaning":25,"level":21},"利上げ","りあげ","rate hike",{"word":27,"reading":28,"meaning":29,"level":21},"解除","かいじょ","lifting",{"word":31,"reading":32,"meaning":33,"level":34},"政策金利","せいさくきんり","policy interest rate","N1",{"word":36,"reading":37,"meaning":38,"level":34},"撤廃","てっぱい","abolition",{"word":40,"reading":41,"meaning":42,"level":34},"円相場","えんそうば","yen exchange rate",{"word":44,"reading":45,"meaning":46,"level":34},"金利差","きんりさ","interest rate differential",{"word":48,"reading":49,"meaning":50,"level":21},"賃上げ","ちんあげ","wage increase",{"word":52,"reading":53,"meaning":54,"level":34},"春闘","しゅんとう","spring wage negotiations",{"word":56,"reading":57,"meaning":58,"level":21},"国債","こくさい","government bond",{"word":60,"reading":61,"meaning":62,"level":21},"物価","ぶっか","prices (of goods)",{"word":64,"reading":65,"meaning":66,"level":34},"正常化","せいじょうか","normalization","\n::para\n2024[年]{ねん:year:N5}3[月]{がつ:March:N5}、[日本銀行]{にっぽんぎんこう:Bank of Japan:N4}は[長年]{ながねん:long-standing:N5}[続いた]{つづいた:continued:N3}[マイナス]{まいなす:negative}[金利]{きんり:interest rate:N3}[政策]{せいさく:policy:N1}を[解除]{かいじょ:lifted:N3}し、17[年ぶり]{ねんぶり:for the first time in 17 years:N5}の[利上げ]{りあげ:rate hike:N3}に[踏み切った]{ふみきった:took the step of:N1}と[報じられました]{ほうじられました:was reported:N3}。これは[歴史的]{れきしてき:historic:N2}な[転換]{てんかん:turning point:N2}とされ、[金融]{きんゆう:monetary, financial:N1}[政策]{せいさく:policy:N1}の[正常化]{せいじょうか:normalization:N3}に[向けた]{むけた:aimed at:N3}[第一歩]{だいいっぽ:first step:N1}と[位置付けられて]{いちづけられて:positioned as:N3}います。[本記事]{ほんきじ:this article:N3}では、[公表]{こうひょう:publicly available:N3}されている[情報]{じょうほう:information:N3}を[基に]{もとに:based on:N1}、[一連]{いちれん:series of:N3}の[利上げ]{りあげ:rate hikes:N3}と[円相場]{えんそうば:yen exchange rate:N3}への[影響]{えいきょう:impact:N1}を[整理]{せいり:organize:N1}します。\n\n#en\nIn March 2024, the Bank of Japan lifted its long-standing negative interest rate policy and took the step of its first rate hike in 17 years, as has been reported. This is regarded as a historic turning point, positioned as the first step toward normalization of monetary policy. Based on publicly available information, this article organizes the series of rate hikes and their impact on the yen exchange rate.\n::\n\n::heading\n[段階的]{だんかいてき:staged:N2}な[政策]{せいさく:policy:N1}[金利]{きんり:rate:N3}の[引き上げ]{ひきあげ:raising:N3}\n\n#en\nStaged Increases in the Policy Rate\n::\n\n::para\n[当初]{とうしょ:initially:N3}マイナス0.1[%]{ぱーせんと:percent}に[据え置かれて]{すえおかれて:held at:N1}いた[政策]{せいさく:policy:N1}[金利]{きんり:rate:N3}は、[マイナス金利]{まいなすきんり:negative interest rate:N3}[解除]{かいじょ:lifting:N3}に[伴って]{ともなって:along with:N1}おおむね0%[前後]{ぜんご:around:N5}に[誘導]{ゆうどう:guided:N1}されたとされます。その[後]{ご:after:N5}、[日銀]{にちぎん:BOJ:N4}は[追加]{ついか:additional:N3}の[利上げ]{りあげ:rate hikes:N3}を[段階的]{だんかいてき:in stages:N2}に[進め]{すすめ:advanced:N3}、0.1%、0.25%、そして0.5%[程度]{ていど:approximately:N3}まで[引き上げた]{ひきあげた:raised:N3}と[伝えられて]{つたえられて:reported:N3}います。[市場]{しじょう:market:N3}は[各]{かく:each:N2}[会合]{かいごう:meeting:N3}ごとに[次の]{つぎの:next:N3}[一手]{いって:move:N4}を[読み合う]{よみあう:read each other:N3}[展開]{てんかい:development:N1}が[続いて]{つづいて:continuing:N3}いるとされます。\n\n#en\nThe policy rate, initially held at minus 0.1%, was reportedly guided to around 0% along with the lifting of negative interest rates. After that, the BOJ is reported to have advanced additional rate hikes in stages, raising them to roughly 0.1%, 0.25%, and then around 0.5%. The market is said to be in a development where it reads each other's next move at every meeting.\n::\n\n::heading\nYCC（[イールドカーブ]{いーるどかーぶ:yield curve}・[コントロール]{こんとろーる:control}）の[撤廃]{てっぱい:abolition:N1}\n\n#en\nThe Abolition of YCC (Yield Curve Control)\n::\n\n::para\n[長期]{ちょうき:long-term:N3}[金利]{きんり:rate:N3}を[一定]{いってい:certain:N3}の[範囲]{はんい:range:N1}に[抑える]{おさえる:hold down:N1}ために[導入]{どうにゅう:introduced:N2}されたYCC（イールドカーブ・コントロール）の[枠組み]{わくぐみ:framework:N1}も、マイナス[金利]{きんり:interest rate:N3}[解除]{かいじょ:lifting:N3}と[同時]{どうじ:at the same time:N4}に[実質的]{じっしつてき:effectively:N3}に[撤廃]{てっぱい:abolished:N1}されたとされます。これに[より]{より:as a result of}、10[年]{ねん:year:N5}[物]{もの:term:N4}[国債]{こくさい:government bond:N1}[利回り]{りまわり:yield:N3}は[市場]{しじょう:market:N3}の[需給]{じゅきゅう:supply and demand:N1}に[応じて]{おうじて:according to:N1}より[自由]{じゆう:freely:N3}に[変動]{へんどう:fluctuate:N3}するようになり、[一時]{いちじ:at one point:N5}1%を[超える]{こえる:exceed:N2}[水準]{すいじゅん:level:N2}まで[上昇]{じょうしょう:rose:N2}したと[報じられて]{ほうじられて:reported:N3}います。\n\n#en\nThe YCC framework, which was introduced to hold long-term interest rates within a certain range, is also said to have been effectively abolished at the same time as the lifting of negative rates. As a result, the 10-year government bond yield has come to fluctuate more freely according to market supply and demand, and is reported to have risen at one point to a level exceeding 1%.\n::\n\n::callout\n[長期金利]{ちょうききんり:long-term interest rate:N3}が[市場]{しじょう:market:N3}で[決まる]{きまる:be determined:N3}という、[本来]{ほんらい:originally:N5}の[国債]{こくさい:government bond:N1}[市場]{しじょう:market:N3}の[姿]{すがた:form:N1}に[戻りつつある]{もどりつつある:in the process of returning to:N3}と[見られて]{みられて:viewed as:N5}います。\n\n#en\nIt is viewed that things are in the process of returning to the original form of the government bond market — one in which long-term interest rates are determined by the market.\n::\n\n::heading\n[円相場]{えんそうば:yen exchange rate:N3}と[日米]{にちべい:Japan-US:N3}[金利差]{きんりさ:interest rate differential:N3}\n\n#en\nThe Yen Exchange Rate and the Japan-US Interest Rate Differential\n::\n\n::para\n[利上げ]{りあげ:rate hikes:N3}にもかかわらず、[円相場]{えんそうば:yen exchange rate:N3}は1[ドル]{どる:dollar}150[円]{えん:yen:N5}[台]{だい:level:N4}を[維持]{いじ:maintain:N1}する[展開]{てんかい:development:N1}が[続いた]{つづいた:continued:N3}とされます。[背景]{はいけい:background:N3}には、[米国]{べいこく:United States:N3}の[金利]{きんり:rates:N3}[水準]{すいじゅん:level:N2}が[依然]{いぜん:still:N2}として[高い]{たかい:high:N5}ことから、[日米]{にちべい:Japan-US:N3}の[金利差]{きんりさ:interest rate differential:N3}が[大きい]{おおきい:large:N5}まま[残って]{のこって:remained:N3}いる[点]{てん:point:N3}があると[指摘]{してき:pointed out:N1}されています。[市場]{しじょう:market:N3}[参加者]{さんかしゃ:participants:N3}は、[日銀]{にちぎん:BOJ:N4}の[利上げ]{りあげ:rate hikes:N3}[ペース]{ぺーす:pace}と[米国]{べいこく:US:N3}の[利下げ]{りさげ:rate cuts:N3}[時期]{じき:timing:N3}の[両方]{りょうほう:both:N3}を[注視]{ちゅうし:closely watching:N1}しているとされます。\n\n#en\nDespite the rate hikes, the yen exchange rate is said to have continued in a development of holding the 150-yen-per-dollar level. As background, it is pointed out that the level of US interest rates remains high, so the Japan-US interest rate differential has remained large. Market participants are said to be closely watching both the BOJ's rate-hike pace and the timing of US rate cuts.\n::\n\n::heading\n[賃上げ]{ちんあげ:wage growth:N1}トレンドとの[連動]{れんどう:linkage:N3}\n\n#en\nLinkage with the Wage-Growth Trend\n::\n\n::para\n[日銀]{にちぎん:BOJ:N4}が[利上げ]{りあげ:rate hikes:N3}に[踏み切る]{ふみきる:take the step of:N1}[判断]{はんだん:judgment:N3}[材料]{ざいりょう:material:N2}の[一つ]{ひとつ:one:N5}として、[春闘]{しゅんとう:spring wage negotiations:N1}における[賃上げ]{ちんあげ:wage growth:N1}[実績]{じっせき:results:N2}が[挙げられて]{あげられて:cited:N1}います。2024[年]{ねん:year:N5}[以降]{いこう:onward:N3}、[大手]{おおて:major:N4}[企業]{きぎょう:companies:N1}を[中心]{ちゅうしん:centered on:N4}に[平均]{へいきん:average:N2}5%を[超える]{こえる:exceed:N2}[賃上げ]{ちんあげ:wage growth:N1}が[実現]{じつげん:realized:N3}したと[報じられて]{ほうじられて:reported:N3}おり、これにより[賃金]{ちんぎん:wages:N1}と[物価]{ぶっか:prices:N1}が[互いに]{たがいに:mutually:N3}[上がる]{あがる:rise:N5}「[好]{こう:positive:N3}[循環]{じゅんかん:cycle:N1}」が[成立]{せいりつ:established:N3}しつつあるという[見方]{みかた:view:N4}が[示されて]{しめされて:has been put forward:N3}います。\n\n#en\nAs one piece of material for the BOJ's judgment to take the step of rate hikes, the wage-growth results in the spring wage negotiations are cited. From 2024 onward, average wage growth exceeding 5%, centered on major companies, is reported to have been realized, and a view has been put forward that, as a result, a \"positive cycle\" in which wages and prices rise mutually is in the process of being established.\n::\n\n::heading\n[黒田]{くろだ:Kuroda:N4}[体制]{たいせい:regime:N3}と[植田]{うえだ:Ueda:N2}[体制]{たいせい:regime:N3}の[比較]{ひかく:comparison:N1}\n\n#en\nComparing the Kuroda Era and the Ueda Era\n::\n\n::para\n[黒田]{くろだ:Kuroda:N4}[前]{ぜん:former:N5}[総裁]{そうさい:governor:N1}の[時代]{じだい:era:N4}は、[大規模]{だいきぼ:large-scale:N1}な[金融]{きんゆう:monetary:N1}[緩和]{かんわ:easing:N1}を[長期間]{ちょうきかん:over a long period:N3}にわたって[維持]{いじ:maintained:N1}したことが[特徴]{とくちょう:characteristic:N1}とされます。これに[対して]{たいして:in contrast to:N3}、2023[年]{ねん:year:N5}に[就任]{しゅうにん:took office:N1}した[植田]{うえだ:Ueda:N2}[総裁]{そうさい:governor:N1}[下]{か:under:N5}では、[緩和]{かんわ:easing:N1}の[副作用]{ふくさよう:side effects:N2}にも[配慮]{はいりょ:consideration:N1}しつつ、[慎重]{しんちょう:cautiously:N1}に[正常化]{せいじょうか:normalization:N3}を[進める]{すすめる:advance:N3}[路線]{ろせん:approach:N2}が[取られて]{とられて:has been taken:N3}いると[評されて]{ひょうされて:characterized as:N1}います。[市場]{しじょう:market:N3}との[コミュニケーション]{こみゅにけーしょん:communication}を[重視]{じゅうし:emphasized:N1}する[姿勢]{しせい:stance:N1}が[特徴]{とくちょう:characteristic:N1}と[見られて]{みられて:viewed as:N5}います。\n\n#en\nThe era of former Governor Kuroda is characterized by maintaining large-scale monetary easing over a long period. In contrast, under Governor Ueda, who took office in 2023, an approach is said to have been taken of cautiously advancing normalization while also giving consideration to the side effects of easing. A stance of emphasizing communication with the market is viewed as a characteristic.\n::\n\n::heading\n2%[物価]{ぶっか:price:N1}[目標]{もくひょう:target:N1}の[継続]{けいぞく:continuation:N1}[性]{せい:-ness:N3}\n\n#en\nThe Continuity of the 2% Price Target\n::\n\n::para\n[利上げ]{りあげ:rate hikes:N3}に[踏み切った]{ふみきった:took the step of:N1}[後]{あと:after:N5}も、[日銀]{にちぎん:BOJ:N4}は2%の[物価]{ぶっか:price:N1}[安定]{あんてい:stability:N3}[目標]{もくひょう:target:N1}そのものは[維持]{いじ:maintained:N1}しているとされます。[公表]{こうひょう:publicly:N3}されている[説明]{せつめい:explanations:N3}では、[一時的]{いちじてき:temporary:N4}な[物価]{ぶっか:price:N1}[上昇]{じょうしょう:rises:N2}ではなく、[賃金]{ちんぎん:wages:N1}と[物価]{ぶっか:prices:N1}の[相互]{そうご:mutual:N3}[作用]{さよう:interaction:N4}に[支えられた]{ささえられた:supported by:N3}[持続]{じぞく:sustainable:N3}[的]{てき:-ly:N4}な2%[達成]{たっせい:achievement:N3}を[目指して]{めざして:aiming for:N3}いると[強調]{きょうちょう:emphasized:N3}されています。[今後]{こんご:going forward:N5}の[利上げ]{りあげ:rate hikes:N3}[ペース]{ぺーす:pace}も、この[目標]{もくひょう:target:N1}との[整合性]{せいごうせい:consistency:N1}が[判断]{はんだん:judgment:N3}の[基準]{きじゅん:standard:N1}になると[見られて]{みられて:viewed as:N5}います。\n\n#en\nEven after taking the step of rate hikes, the BOJ is said to have maintained the 2% price stability target itself. In publicly available explanations, it is emphasized that the BOJ is aiming not for a temporary rise in prices but for sustainable achievement of 2% supported by the mutual interaction of wages and prices. The pace of future rate hikes is also viewed as something where consistency with this target will be the standard for judgment.\n::\n\n::heading\n[家計]{かけい:households:N4}と[市場]{しじょう:markets:N3}への[影響]{えいきょう:impact:N1}\n\n#en\nImpact on Households and Markets\n::\n\n::para\n[正常化]{せいじょうか:normalization:N3}の[進展]{しんてん:progress:N1}は、[家計]{かけい:households:N4}や[企業]{きぎょう:companies:N1}にも[具体的]{ぐたいてき:concrete:N3}な[変化]{へんか:changes:N3}を[もたらして]{もたらして:bringing about}いるとされます。[変動]{へんどう:variable:N3}[金利]{きんり:rate:N3}[型]{がた:type:N2}の[住宅]{じゅうたく:housing:N3}[ローン]{ろーん:loan}[金利]{きんり:rate:N3}は[緩やか]{ゆるやか:gradually:N1}に[上昇]{じょうしょう:rising:N2}し、[預金]{よきん:deposit:N2}[金利]{きんり:rates:N3}も[銀行]{ぎんこう:bank:N4}によっては[わずかに]{わずかに:slightly}[復活]{ふっかつ:revived:N2}したと[報じられて]{ほうじられて:reported:N3}います。[株式]{かぶしき:stock:N1}[市場]{しじょう:market:N3}では、[銀行]{ぎんこう:bank:N4}[株]{かぶ:stocks:N1}など[利上げ]{りあげ:rate hike:N3}の[恩恵]{おんけい:benefits:N1}を[受けやすい]{うけやすい:tend to receive:N3}[業種]{ぎょうしゅ:sectors:N3}と、[借入]{かりいれ:borrowing:N4}[コスト]{こすと:costs}の[増加]{ぞうか:increase:N3}が[懸念]{けねん:concern:N1}される[業種]{ぎょうしゅ:sectors:N3}との[間で]{あいだで:between:N5}[反応]{はんのう:reactions:N1}が[分かれた]{わかれた:divided:N5}と[見られて]{みられて:viewed as:N5}います。[今後]{こんご:going forward:N5}の[利上げ]{りあげ:rate hikes:N3}と[円相場]{えんそうば:yen exchange rate:N3}の[動向]{どうこう:trends:N3}は、[継続的]{けいぞくてき:continuously:N1}に[注視]{ちゅうし:closely watching:N1}が[必要]{ひつよう:necessary:N3}です。\n\n#en\nThe progress of normalization is said to be bringing concrete changes to households and companies as well. The interest rates on variable-rate housing loans are gradually rising, and deposit rates have also reportedly been slightly revived at some banks. In the stock market, reactions are viewed as having split between sectors that tend to benefit from rate hikes, such as bank stocks, and sectors where increased borrowing costs are a concern. Continued close watching of future rate hikes and yen exchange rate trends is necessary.\n::\n"]