The Bank of Japan has adopted negative interest rates in an unprecedented move that highlights pervasive weakness in the economy.
Central banks have been delving into negative territory in a bid to stimulate economic growth. The European Central Bank became the first major central bank to venture below zero in June 2014, and now charges banks 0.3 per cent to hold their cash overnight.
The BoJ moved just hours after releasing a slew of insipid data that showed sharper than expected drops in industrial production and soft inflation for December that was far from the BoJ’s 2 per cent target.
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