Japan lifts rates for first time in 17 years

19th Mar 2024 07:13

(Sharecast News) - Japan's central bank raised interest rates on Tuesday, ending an eight-year policy of keeping them in negative territory in an attempt to boost economic growth.

The rise was the first in 17 years as the Bank of Japan (BOJ) said it was lifting its short-term policy rate from -0.1% to between zero and 0.1%.

In 2016, the bank cut the rate below zero in an attempt to stimulate the country's stagnating economy. Latest official data showed that even though price rises has been slowing, core consumer inflation held at the BOJ's 2% target in January.

Reporting by Frank Prenesti for Sharecast.com