Japan’s central bank introduces 1st interest rate hike in 17 years

By Anadolu staff

Japan decided Tuesday to end its negative interest rate policy and introduce a rate hike for the first time in 17 years, local media reported.

The decision taken by the Bank of Japan, the country’s central bank, is a significant step away from its unprecedented monetary easing framework of the past decade that was intended to end deflation, Tokyo-based Kyodo News reported.

The bank also dropped its pledge to take additional easing steps if needed, while it also decided to guide the short-term rate in the 0-0.1% range, it said.