SQLCODE=-180 SQLSTATE=22007 error with executeUpdate()

If you are facing an error with a java prepared statement that involves setting a date column, you are probably hitting a bug in the DB2 JDBC driver. I got the following error only on the first invocation of a prepared statement involving setDate.
com.ibm.db2.jcc.b.jm: DB2 SQL Error: SQLCODE=-180, SQLSTATE=22007, SQLERRMC=7, DRIVER=3.50.152
at com.ibm.db2.jcc.b.wc.a(wc.java:571)
at com.ibm.db2.jcc.b.wc.a(wc.java:57)
at com.ibm.db2.jcc.b.wc.a(wc.java:126)
at com.ibm.db2.jcc.b.tk.b(tk.java:1593)
at com.ibm.db2.jcc.b.tk.c(tk.java:1576)
at com.ibm.db2.jcc.t4.db.k(db.java:353)
at com.ibm.db2.jcc.t4.db.a(db.java:59)
at com.ibm.db2.jcc.t4.t.a(t.java:50)
at com.ibm.db2.jcc.t4.tb.b(tb.java:200)
at com.ibm.db2.jcc.b.uk.Gb(uk.java:2355)
at com.ibm.db2.jcc.b.uk.e(uk.java:3129)
at com.ibm.db2.jcc.b.uk.zb(uk.java:568)
at com.ibm.db2.jcc.b.uk.executeUpdate(uk.java:551)