BOJ adopts negative interest rates
Nikkei -- Jan 29
The Bank of Japan decided to adopt negative interest rates at its policy meeting on Friday, voting 5-4 to apply an interest rate of -0.1 percent on current accounts held at the central bank. At the same time, the BOJ revised its inflation forecast for fiscal 2016 down to 0.8% from a previous level of 1.4%.

The surprise move triggered a rally on the Tokyo Stock Exchange, with the Nikkei 225 rising almost 600 points at one stage, but then falling back sharply as investors contemplated the effects of the new measure. The yen weakened by as much as 2.2% against the dollar.

In a statement, the BOJ said it adopted the negative interest rate policy in order to achieve its price stability target of 2% at the earliest possible time, and signalled that it will "cut the interest rate further into negative territory if judged necessary." The central bank had until now been paying an interest rate of 0.1% but in future will collect 0.1% from current account depositors.

The Japanese central bank opted to maintain its quantitative and qualitative easing program at its current level, buying assets at a rate of 80 trillion yen a year.

News source: Nikkei
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