Commentary
For the first time since 2007, the Bank of Japan ( BOJ) increased the interest rate paid to commercial banks ‘ deposits with the central bank on March 19.
On the surface, it was a child action of a 0.1 percent walk. With a climb to zero percentage from -0.1 percentage, but, the BOJ has suddenly lifted itself out of negative interest rates. The BOJ has also announced the end of asset purchases of exchange-traded funds ( ETFs ) and REITs, to be specific. The BOJ perhaps also intervene in long-term interest rates to prevent them from rising quickly, but the central bank has even removed the “yield slope control” that had historically fixed the long end of the curve at desired levels.
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