Japan has ended its negative interest rate policy, marking a historic shift away from an aggressive monetary easing program that had been implemented to fight chronic deflation.
Japan has ended its negative interest rate policy, marking a historic shift away from an aggressive monetary easing program that was implemented years ago to fight chronic deflation. As part of the decision, the Bank of Japan raised its short-term interest rates to a tight range from “around zero to 0.1%,” up from minus 0.1%, according to a statement posted on its website on Tuesday.
It reversed morning losses to trade higher after the news of the rate, and then slipped into negative territory again. By 2.50 p.m. Tokyo time, the index was up 0.3%. The broader Topix index was 0.7% higher. No aggressive tightening The Japanese economy will continue growing at a pace “above its potential growth rate,” as a virtuous cycle from income to spending gradually intensifies, the BOJ said in the statement.
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