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TOKYO — Japan’s central bank raised its benchmark interest rate Tuesday, March 19, 2024, for the first time in 17 years, ending a longstanding policy of negative rates meant to boost the economy.The short-term rate was raised to a range of 0 to 0.1 percent from minus 0.1 percent at a policy meeting that confirmed expectations of a shift away from ultra-lax monetary policy.It’s the first rate hike since February 2007.
OvertakenThe Bank of Japan has kept borrowing costs extremely low for many years to encourage Japanese consumers and businesses to spend and invest to help sustain stronger economic growth.Japan recently became the world’s fourth biggest economy, slipping behind Germany in terms of its nominal gross domestic product, or GDP. The U.S. economy is the largest, followed by China, which overtook Japan over a decade ago.
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