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The Bank of Japan raised interest rates on Tuesday for the first time since 2007 and scrapped its yield control curve policy, ending the world’s last negative interest rate regime on early signs of strong wage growth this year.
The Bank of Japan issued a statement at the end of its two-day March policy meeting that it would raise short-term interest rates from -0.1% to around 0 to 0.1%. Japan has implemented a negative interest rate system since 2016.
In addition, the Bank of Japan also announced the elimination of its aggressive yield curve control policy for 10-year Japanese government bonds, which is a policy where the central bank targets long-term interest rates by buying and selling bonds when necessary.
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