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作成日: 2024/03/20 06:30

更新日: 2025/12/08 16:16

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The Bank of Japan has made a landmark shift away from its massive monetary stimulus.
                
The central bank decided to end its negative interest rate policy and raise borrowing rates for the first time in 17 years. It is also abandoning its yield-curve control framework, which holds down long- and short-term interest rates.
                
Policymakers announced the move after winding up their two-day meeting on Tuesday.
                
The central bank assessed the virtuous cycle between wages and prices and judged that its price stability target of 2 percent inflation would be sustainably achieved.
                
The BOJ set the uncollateralized overnight call rate as its new policy target. To achieve the guideline, it will apply an interest rate of 0.1 percent to current account balances of financial institutions held at the bank.
                
Policymakers say they will encourage the overnight call rate to remain at around zero to 0.1 percent.
                
The &quot;uncollateralized overnight call rate&quot; refers to the rates for uncollateralized transactions in the call markets, where financial institutions lend and borrow short-term funds.
                
The BOJ has kept the short-term interest rate at minus 0.1 percent for some deposits by financial institutions held by the central bank since 2016.
                
At the same time, the bank will cease setting a target for 10-year government bond yields.
                
Under its yield curve control, the bank bought large quantities of Japanese government bonds to keep long-term interest rates at around zero percent.
                
The BOJ also decided not to continue purchasing exchange-traded funds and Japan real estate investment trusts. The central bank used the measure to inject massive amounts of money to prop up the stock market.

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