The Bank of Japan ends its negative interest rate policy, opting for its first hike in 17 years

Japan's central bank has raised its benchmark interest rate for the first time in 17 years, ending a longstanding policy of negative rates meant to boost the economy. The short-term rate was raised to a range of 0 to 0.1% from minus 0.1% at a policy meeting that confirmed expectations of a shift away from ultra-lax monetary policy. It’s the first rate raise since February 2007. The bank had set an inflation target at 2%, as a positive sign of stable price rises. It had remained cautious about “normalizing” monetary policy, or ending negative borrowing rates.