For the first time in 17 years, Japan's central bank, the Bank of Japan (BOJ), has raised the cost of borrowing. It increased its key interest rate
The decision was based on major corporations increasing wages for their workers to manage the escalating cost of living.Advertisement, has raised the cost of borrowing. It increased its key interest rate from -0.1% to a range of 0%-0.1%, reflecting a significant shift. This decision follows a surge in wages after an increase in consumer prices. In 2016, the bank had slashed the rate below zero in a bid to stimulate the country’s stagnating economy.
The BOJ, in a statement announcing the decision, declared its intention to maintain the purchase of “broadly the same amount” of government bonds as before and to increase purchases in the event of rapid yield rises. Expectations for the BOJ to raise rates had been increasing since Governor Kazuo Ueda assumed office in April of the previous year.
“Good, if Japan can stimulate productivity and domestic demand. Bad, if inflation stays externally driven by things like war and supply chain disruptions.”
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