Daily News & Analysis
March 19, 2024: Tuesday
Economic Events: Japan Ends Negative Rates, Scraps Yield Curve Control*
Bank of Japan Implements Expected Interest Rate Hike and Policy Adjustments*
BOJ's Interest Rate Hike:*
• During its March meeting, the Bank of Japan (BOJ) raised its key short-term interest rate *from -0.1% to approximately 0%* to 0.1%.
• The decision aligns with market forecasts and concludes eight years of negative interest rates.
First Rate Hike Since 2007*:
• This marks the BOJ's first interest rate hike since 2007, reflecting Japan's sustained inflation exceeding the central bank's 2% target for over a year.
• Major companies in Japan have committed to a substantial wage increase of 5.28%, the largest in over three decades.
Policy Adjustments*:
• The BOJ has abandoned yield curve control for 10-year government bonds and halted purchases of Exchange-Traded Funds (ETFs) and Japan Real Estate Investment Trusts (J-REITS).
• Additionally, the central bank plans to gradually reduce its purchases of corporate bonds, with a complete cessation expected within approximately one year.
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