The Bank of Japan ended eight years of negative interest rates and other remnants of its unorthodox policy on Tuesday, making a historic shift away from a focus on reflating growth with decades of massive monetary stimulus, reported The Economic Times.
This is Japan’s first interest rate hike in 17 years.
The shift makes Japan the last central bank to exit negative rates and ends an era in which policy makers around the world sought to prop up growth through cheap money and unconventional monetary tools, according to the article.
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