Bank of Japan ends negative interest rates
Backfilled context carries a typed causal-confidence label and never claims a confirmed driver without human-attached evidence — a single reviewed reference establishes chronology, not causation.
What happened
At its March 2024 meeting the Bank of Japan ended its negative interest rate policy — its first rate increase since 2007 — moving the policy rate to a target just above zero and formally exiting the yield-curve-control framework it had run for years.
What was known then
At the time, Japanese wage negotiations had produced the strongest pay rises in decades, and BOJ officials had signalled for months that an exit from extraordinary easing was under discussion. The exact timing remained uncertain until the announcement itself.
Market reaction
The yen weakened rather than strengthened in the immediate aftermath — a reaction widely read as the decision having been largely priced in, with the BOJ stressing that financial conditions would stay accommodative.
What was uncertain
How fast further hikes would follow, whether the yen would find support from narrowing rate differentials, and how Japanese institutions holding foreign assets would adjust.
What changed afterward
The BOJ raised rates again in July 2024, and the gap between Japanese and US policy became one of the defining cross-market variables of the period — central to the August 2024 carry-trade unwind.
Why it still matters
Japanese policy normalisation remains a live input for global markets: BOJ meeting dates sit on our macro calendar, and yen moves keep resurfacing in overnight recaps whenever rate differentials shift.
Sources
Primary and official references reviewed for this entry.
◦ Bank of Japan (official)
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