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The Bank of Japan ends its negative interest rate policy, opting for its first hike in 17 years

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Japan's central bank has raised its benchmark interest rate for the first time in 17 years, ending a longstanding policy of negative rates meant to boost the economy. The short-term rate was raised to a range of 0 to 0.1% from minus 0.1% at a policy meeting that confirmed expectations of a shift away from ultra-lax monetary policy.

FILE - Governor of the Bank of Japan Kazuo Ueda speaks during the presidency press conference at the G7 meeting of finance ministers and central bank governors, at Toki Messe in Niigata, Japan, Saturday, May 13, 2023. Japan’s central bank raised its benchmark interest rate Tuesday, March 19, 2024, for the first time in 17 years, ending a longstanding policy of negative rates meant to boost the economy.

Another factor supporting the shift: Japanese companies have announced relatively robust wage hikes for this year’s round of negotiations with trade unions. The Japanese central bank’s policy is quite different from those of the U.S. Federal Reserve and the European Central Bank. Both have been moving to lower interest rates after rapidly raising them to clamp down on inflation.Airbnb is banning the use of indoor security cameras in the platform’s listings worldwideThe Bank of Japan has kept borrowing costs extremely low for many years to encourage Japanese consumers and businesses to spend and invest to help sustain stronger economic growth.

 

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