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JAPAN’S central bank shocked markets yesterday with plans to effectively charge lenders to park their cash with it, ramping up a long-running battle to kick-start the world’s No. 3 economy.
The unprecedented decision to adopt a below-zero interest rate policy is the Bank of Japan’s latest weapon as it looks to spur bank lending and drive up inflation. In response, the Nikkei stock index soared almost 3 percent as the yen plunged.
BOJ chief Haruhiko Kuroda cited recent financial market turmoil and a China slowdown for ushering in a minus 0.1 percent rate on existing reserves, and said the bank may go even further into negative territory. Rates currently are near zero.
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